Bitcoin, Ethereum Technical Analysis: ETH Hits a Month High Above $3,000, While BTC Hits $43,000

shutterstock 1059430058

Ethereum rose to a month-long high above $3,000 on Tuesday, while the global cryptocurrency market rose nearly 4%. Bitcoin was also higher during today’s session, reaching its highest point in more than three weeks. Bitcoin rose to its highest level in three weeks on Tuesday as the world’s largest cryptocurrency climbed further […]

Ethereum rose to a month-long high above $3,000 on Tuesday, while the global cryptocurrency market rose nearly 4%. Bitcoin was also higher during today’s session, reaching its highest point in more than three weeks.

Bitcoin

Bitcoin rose to its highest level in three weeks on Tuesday as the world’s largest cryptocurrency climbed above the $43,000 level.

After 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 fell from a high of over $45,000.

Tuesday’s price increase comes as the 14-day RSI has moved past the recent ceiling of 54.40 and is now trailing at 57.7, another multi-week high.

Looking at the chart, today’s move sent prices close to a near-term resistance level of $43,425, triggering a pullback as bulls are likely to see some gains.

The 10-day and 25-day moving averages also continued to extend recent upward momentum, which could be a good sign for bulls targeting $45,000 in the coming days.

Ethereum

ETH was up 2.3% at the time 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 moved marginally above the long-term resistance level of $3,020.

This move means that ethereum is now close to 20% higher in the last seven days, after a run that saw it win for 8 of the last 9 sessions.

Price strength has also peaked, with the 14-day RSI indicator now trading above 60, its highest since Feb. 9.

However, now that we are relatively overbought and prices are trading at a historical bearish resistance level, the stage may be set for a reversal.

Should the upward momentum continue, what’s the next price target for ETH bulls? Leave your thoughts in the comments below.

Leave a Reply

Your email address will not be published. Required fields are marked *