Ethereum rose to a one-month high above $3,000 on Tuesday, as the global cryptocurrency market place rose by nearly 4%. Bitcoin was also higher during today’s session, moving to its highest point in over three weeks.
Bitcoin, Ethereum Technical Analysis: ETH Reaches 1-Month High Above $3,000, as BTC Hits $43,000
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Bitcoin
Bitcoin rose to its highest level in three weeks on Tuesday, as the world’s largest cryptocurrency climbed beyond the $43,000 level.
Following a low of $40,850.91 during Monday’s session, BTC/USD rose to an intraday high of $43,389 during today’s session.
This is the highest level BTC has traded since March 3, when prices were on their way down from a high of over $45,000.
Tuesday’s surge in price comes as the 14-day RSI moved past its recent ceiling of 54.40, and is now tracking at 57.7, which is another multi-week high.
Looking at the chart, today’s move sent prices close to a short-term resistance level of $43,425, which triggered a pullback, as bulls likely secured some gains.
The 10-day and 25-day moving averages have also continued to extend recent upwards momentum, which could be a good sign for bulls targeting $45,000 in upcoming days.
.Ethereum
ETH was up by 2.3% as of writing, as the world’s second-largest cryptocurrency extended its recent gains
On Tuesday, ETH/USD hit an intraday high of $3,022.21, as prices marginally moved beyond the long-term resistance level of $3,020.
This move means that ethereum is now almost 20% higher in the last seven days, after a run that saw it gain for 8 of the last 9 sessions.
Price strength has also peaked, with the 14-day RSI indicator now tracking above 60, which is the highest it has been since February 9.
However, now that we are relatively overbought, and with prices trading at a historically bearish resistance level, the stage could be set for a reversal.
Should upwards momentum continue, what is the next price target for ETH bulls? Leave your thoughts in the comments below.
