Bitcoin rose above $27,000 for the first time in two weeks, as price broke out of a key resistance level on Tuesday. Bullish sentiment continues to make a gradual return, following recent market weakness. Ethereum remained over the $1,700 level during today’s session.
Bitcoin, Ethereum Technical Analysis: BTC Climbs to 2-Week High on Tuesday, Rising Above $27,000
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Bitcoin
Bitcoin rose to a two-week high on Tuesday, as bullish sentiment made a gradual return to the marketplace.
Following a low of $26,338.54 to start the week, BTC/USD rose to an intraday high of $27,147.47 on Tuesday.
As a result of the surge in price, bitcoin rose to its strongest point since June 7, when it peaked at $27,402.
From the chart, it appears that today’s rally coincided with the relative strength index ( RSI) also breaking out of a ceiling of its own at the 50.00 mark.
Price strength now stands at 51.71 at the time of writing, with the next visible resistance level at 57.00.
In the event bulls are able to send the index to this point, there is a good chance that BTC will be above $27,500.
Ethereum
Ethereum ( ETH) was marginally in the green in today’s session, with price hovering close to a recent support point.
ETH/USD hit an intraday peak of $1,748.64 earlier in the day, before retreating to a low less than 24 hours after climbing from a floor at $1,705.81.
Since this earlier high, ethereum has slipped back to a support point at $1,725, a point where it has consolidated for the past four days.
Looking at the chart, this retreat occurred as the RSI ran into a ceiling of its own at the 44.00 mark.
As of writing, the index now sits at the 42.21 mark, and appears to be heading to a lower floor at 40.00.
Should strength fall below that mark, there is a good chance that ETH will drop below $1,700 in the coming days.
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Will ethereum remain above $1,800 in June? Leave your thoughts in the comments below.
