Bitcoin, Ethereum Technical Analysis: ETH Recaptures Fresh 1-Month High
Ethereum rebounded during Thursday’s session to recapture the $3,000 level, climbing to a fresh one-month high in the process. This comes as BTC rose back above $43,000, hitting a 20-day high as a result.
On Thursday, BTC rose to its highest level since March 3, as prices of the world’s largest cryptocurrency gained for a third consecutive day.
After trading at a low of $41,812 on Wednesday, BTC/USD rallied to a peak of $43,231.29 during Thursday’s session.
This is the highest price bitcoin has hit in 21 days and comes following a breakout of the $42,500 resistance level.
Recent bullish momentum in BTC has come as traders seem to have moved past the market uncertainty following Biden’s executive order, in addition to the Fed rate decision.
Should we see the upward trend continue, the $45,050 resistance point could be a potential price target for bulls.
However, one of the hurdles that could come in the way of this is the upcoming 61.65 ceiling on the 14-day RSI indicator.
Yesterday’s drop in prices did not carry forward into Thursday for ethereum, as ETH once again rose above the $3,000 level.
Ethereum climbed to an intraday high of $3,067.99 during today’s session, which is the highest point it has traded since February 17.
This five-week high comes as the 14-day RSI saw its ceiling of 59.73 broken for the first time since February 9.
Looking at the chart, should this bullish strength persist, we could be looking at $3,260 as the next point bulls look towards, in terms of taking profits.
However, with prices currently overbought, relatively speaking, there could be some bears looking at this as an opportune time to enter the market.
Will we see today’s rise in ETH sustain for the rest of the session? Leave your thoughts in the comments below.