Ethereum surged to an eight-month high on Tuesday, as bulls began to gradually return to cryptocurrency markets. As the session matured, the global market cap moved higher, and is up by 1.27% at the time of writing. Bitcoin moved closer to a key resistance level at $28,500.
Bitcoin, Ethereum Technical Analysis: ETH Hits 8-Month High, as BTC Nears Key Resistance Level
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Bitcoin
Bitcoin ( BTC) continued to trade close to a key resistance level on Tuesday, as volatility in the market remained high.
BTC/USD rose to a peak of $28,433.74 earlier in today’s session, which follows up from a low of $27,276.72 on Monday.
As a result of today’s surge, bitcoin moved near its recent price ceiling of $28,500, however bulls were not able to reach this point.
Looking at the chart, this seems to be due to the fact that the relative strength index ( RSI) continued to hover near a floor at 60.
As of writing, the index is tracking at 61.00, with the next visible ceiling of 65.00 a possible target for buyers.
Should this level be reached, there is a strong possibility that BTC will be trading above $28,500.
Ethereum
On the other hand, ethereum ( ETH) was mostly higher in today’s session, as bullish sentiment made an unexpected return.
Following a low of $1,771.15 to start the week, ETH/USD climbed to an intraday high of $1,871.35 on Tuesday.
Tuesday’s rally saw bulls push ethereum back to its strongest point since August 17, when price hit a peak of $1,957.
One of the catalysts for today’s surge appears to be a breakout at the 61.50 zone on the RSI indicator.
Currently, price strength is tracking at 62.54, with an upcoming ceiling at 65.00 a possible destination for bulls.
Should this point be hit, there is a good chance ETH will be trading at $1,900.
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Do you expect ethereum to move to $1,900 this week? Leave your thoughts in the comments below.
