Bitcoin, Ethereum Technical Evaluation: BTC, ETH Marginally Increased Following Monday’s Declines
Crypto markets were back in the green on Tuesday, as bearish pressure marginally eased during today’s session. Ethereum rallied back above $1,600 earlier in the day, less than 24 hours after nearing a breakout below $1,500. Bitcoin was also higher, moving past the $21,000 level.
Bitcoin (BTC) prices were trading marginally higher on Tuesday, as crypto prices rebounded following recent losses.
Following a low of $20,955.14 to start the week, BTC/USD rose to a high of $21,521.70 earlier in the day.
Tuesday’s move comes as prices continue to move away from a key support point of $20,800, as bulls attempt to reject a breakout.
As seen on the chart, the rebound came as another breakout attempt had failed, this time on the 14-day relative strength index (RSI).
The floor, which is the 37.40 level of the indicator, held firm in today’s session, and as of writing is tracking at 38.48.
Despite easing slightly, bearish momentum still remains, and can be seen in both the 10-day (red) and 25-day (blue) moving averages, which continue to trend downwards.
Like bitcoin, ethereum (ETH) also rose in today’s session, as the token once again climbed above $1,600.
ETH/USD, which was at a low of $1,553.45 to start the week, rose higher in today’s session, moving to a peak of $1,632.75.
Tuesday’s move comes as ethereum also moved away from its recent support point of $1,550, with bulls now seemingly attempting to recapture the $1,700 point.
Unlike BTC, there has yet to be a downward crossover of moving averages, which has kept bullish sentiment marginally alive.
This was helped by the fact that the RSI also rebounded, moving from a floor of 43.60, to now tracking at a level of 44.50.
Should ETH bulls want to recapture the $1,700 point, then price strength will likely need to move towards a ceiling of 49.
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Do you expect ethereum to hit $1,700 this week? Leave your thoughts in the comments below.