Bitcoin, Ethereum Technical Analysis: BTC Back Above $41,000 as Crypto Bulls Return

Following current losses, BTC rallied on Tuesday, as bulls appeared to have returned to cryptocurrency markets. In addition to bitcoin, ETH additionally moved away from yesterday’s low beneath $2,900, with value now hovering near $3,100.

Bitcoin

After a number of days of bearish strain, cryptocurrency costs lastly rallied on Tuesday, with BTC climbing again above $41,000.

The world’s largest cryptocurrency was up by as a lot as 5% earlier in right now’s session, rising to an intraday excessive of $41,146.89 within the course of.

Tuesday’s value surge comes following a backside of $39,123.16 on Monday, which was the bottom BTC/USD had traded since March 15.

As of writing, BTC is at the moment buying and selling at $40,926.77, which is marginally decrease than earlier highs, and comes as merchants took revenue at resistance.

Looking on the chart, this ceiling is on the $41,175 stage, which halted the final three tried sustained breakouts.

Despite costs failing to breakout, value energy has, with the 14-day RSI buying and selling marginally above the 44 resistance, which may very well be a superb indication for bulls seeking to maintain right now’s strain.

Ethereum

ETH was additionally buying and selling increased on Tuesday, transferring away from its multi-week lows within the means of right now’s rally.

As of writing, ETH/USD raced to an intraday peak of $3,080.79 earlier in right now’s session, which is roughly 4% up from yesterday’s low.

Monday’s backside of $2,903.24 fell beneath the long-term value flooring of $2,950, and hit its lowest level since March 22.

Despite right now’s rally, the 14-day RSI continues to hover beneath its ceiling at 50, and is at the moment monitoring round 47.50.

This is nice information for bulls, nevertheless, any additional beneficial properties in value will possible meet resistance on the $3,150 stage.

Should there be sufficient momentum to move each this level, and the 49 RSI stage, we may see ETH heading in the direction of $3,300.

Has the current consolidation in ETH lastly ended? Leave your ideas within the feedback beneath.