Ethereum rose for a seventh consecutive session on Tuesday, as prices briefly climbed above the $1,600 level. This move saw the token hit its highest level in over a month, and came as bitcoin also reached a nearly five-week peak, following gains made earlier today.
Bitcoin, Ethereum Technical Analysis: ETH Hits $1,600 as Crypto Surge Continues on Tuesday
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin
Bitcoin ( BTC) was up to start todayâs session, however bullish momentum began to fade, as prices ran into some resistance.
On Tuesday, the worldâs largest token rose to an intraday high of $22,795.04, as traders continued to feed off of the recent bullish sentiment.
This sentiment saw BTC/USD rise to its highest level since June 12, when prices were in the midst of falling from a high of $30,000.
Although some traders remain optimistic of a pending move back towards those levels, it seems as though prices may have reached a ceiling.
Following earlier highs, gains have somewhat eased, with BTC now trading at $21,858.14 as of writing, as bulls likely liquidated previous positions.
This decline comes as the 14-day RSI failed to move past its own resistance point of 55, and as of writing is tracking at 52.7.
Ethereum
On the other hand, bullish sentiment in ethereum ( ETH) was mainly present throughout the session, after securing earlier highs.
As of writing, ETH rose to an intraday peak of $1,607.03 in todayâs session, which is its highest point since July 12 also.
Similar to bitcoin, there has been some profit taking, with prices now trading at $1,525.80, however the token is still higher than Mondayâs top.
Looking at the chart, the slight decline in price comes as the 14-day RSI moved slightly away from its three-month high of 69.79.
The index is currently tracking at 65.09 as of writing, and looks to be headed for a support level at 64.20.
Should it fall below this, then we could see a bullish sentiment shift, however bulls will likely resist this, and look to maintain upwards pressure.
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Will recent bullish momentum in crypto fade as the day progresses? Leave your thoughts in the comments below.
