Ethereum climbed to a fresh one-week high on Thursday, as bulls kept price above a key resistance level. The move comes despite cryptocurrencies mostly consolidating in today’s session, following Wednesday’s rally. Bitcoin was marginally lower, retreating from recent gains.
Bitcoin, Ethereum Technical Analysis: ETH Moves to 1-Week High, as BTC Consolidates Recent Gains
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Bitcoin
Bitcoin edged marginally lower on Thursday, as crypto markets consolidated, following strong gains the day prior.
BTC/USD dropped to an intraday low of $26,111.46, less than 24 hours after nearing a breakout above the $27,000 level.
Overall, it appears that traders have opted to secure gains, abandoning their positions as markets neared a point of uncertainty.
Looking at the chart, this area appears to be 51.00 on the 14-day relative strength index ( RSI).
As of writing, price strength is tracking at the 49.64 level, with bitcoin now trading at $26,481.46.
Should bulls navigate a surge beyond this point, there is a good chance that price could move back above $27,000.
Ethereum
Ethereum ( ETH) peaked at a one-week high earlier in the day, as price remained above a key level of resistance.
After trading at a low of $1,585.37 on Wednesday, ETH/USD raced to an intraday peak at $1,635.46 during today’s session.
As a result of the move, ethereum hit its highest point since September 20, when price reached a high of $1,649.
This surge comes as the RSI continued to track above a ceiling at the 48.00 mark.
The 10-day (red) moving average also now appears to be nearing its 25-day (blue) counterpart, which is another sign of pending bullish sentiment.
An upward crossover will likely result in ethereum moving above $1,700.
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Do you expect ethereum to consolidate in the coming days? Leave your thoughts in the comments below.
