Ethereum rebounded during Thursday’s session to recapture the $3,000 level, climbing to a new one-month high. This comes as BTC surged above $43,000 again, resulting in a 20-day high.
On Thursday, BTC rose to its highest level since March 3, when the prices of the world’s largest cryptocurrency rose for the third consecutive day.
After trading at a low of $41,812 on Wednesday, BTC/USD rose to a high of $43,231.29dduring Thursday’s session.
This is the highest price bitcoin has reached in 21 days and comes after breaking the $42,500 resistance level.
BTC/USD – Daily Chart
Recent bullish momentum in BTC has come as traders appear to have overcome market uncertainty following Biden’s executive order alongside the Fed’s rate decision.
Should we see the uptrend continue, the $45,050 resistance point could be a potential price target for bulls.
However, one of the hurdles that could stand in the way of this is the upcoming 61.65 ceiling on the 14-day RSI indicator.
Yesterday’s price decline did not continue into Thursday for ethereum as ETH once again surged above the USD 3,000 level.
Ethereum climbed to an intraday high of $3,067.99 during today’s session, the high it has traded since Feb. 17.
This five-week high comes as the 14-day RSI broke its 59.73 ceiling for the first time since February 9.
ETH/USD – Daily Chart
Looking at the chart, if this bullish strength continues, we could be looking at $3,260 as the next point bulls are looking for in terms of taking profits.
However, with prices currently relatively overbought, there may be bears who see this as an opportune time to enter the market.
Will we see today’s gain in ETH for the rest of the session? Leave your thoughts in the comments below.
Eliman brings a diversified point of view to market analysis, having worked as a broker director, retail educator and market commentator in Crypto, Stocks and FX.
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