Ethereum remained above $2,900 to start the week, as the world’s second largest cryptocurrency consolidated its recent gains. Bitcoin was also consolidating, as it continued to trade above $41,000 during Monday’s session.
Bitcoin
BTC prices remained above $41,000 despite a market selloff last week. Market bulls seem to be still holding on to their positions despite the decline.
Following a low of $40,668.04 earlier in today’s session, BTC/USD rose to an intraday high of $41,607.47 on Monday.
Although BTC is now trading around the $41,379 area, it remains 0.45% lower than yesterday’s high above the $42,200 ceiling.
Today’s session saw bitcoin fall below its floor of $40,580, which is its lowest level since last Friday, as markets were preparing for the weekend.
The chart shows that the price momentum reversed when BTC reached its $42,200 long-term resistance level, which led to bears entering the market.
This ceiling was not only reached, but the 14-day RSI also failed to surpass its 55 ceiling and is now at 51.5.
If this trend continues, bitcoin could drop below $40,000 within the next few days.
Ethereum
ETH was marginally lower than BTC, despite the fact that prices traded above $2,900.
On Monday, ETH/USD hit an intraday high of $2,934.69, as prices rebounded following a selloff during Sunday’s session.
The price of Ethereum fell when it approached $3,010, which is because traders seem to have close positions. This leads to a turnaround as we’ve seen previously at this level.
ETH/USD is up more than 14% over the past seven days, despite the reversal.
As bulls still seem to be at the level, this momentum may see more gains this week.
Is it possible that a complete ETH-exit will occur above $3,000 next week? Comment below to share your views.
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