Bitcoin, Ethereum Technical Analysis: BTC, ETH Close to 3-Month High to Start the Week

Bitcoin and ETH rallied on Sunday night, as costs approached their highest degree in virtually three months. BTC climbed above $47,000, whereas ETH moved previous the $3,300 level to begin the week.

Bitcoin

Bitcoin began the week in sturdy trend, with costs rising previous $47,000 for the primary time because the starting of the yr.

On Monday, BTC/USD rose to an intraday excessive of $47,245, as costs rose to their highest level since January 2.

Today’s transfer came about following the breakout of the $44,950 resistance degree throughout Sunday’s session, with costs now concentrating on one more ceiling.

Bitcoin bulls will seemingly be trying in direction of the $50,000 mark as their subsequent goal, nonetheless they have to first overcome resistance at $48,200.

However, trying on the chart, the 14-day RSI indicator is now deeply in overbought territory, monitoring at almost 70, which is its most since October.

This will seemingly be an enormous impediment for bulls to beat, as worth energy seems to have peaked, with bears probably ready for the proper time to enter the market.

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Ethereum

ETH has additionally rallied to multi-month highs on Monday, because the world’s second-largest cryptocurrency prolonged its latest positive factors.

Today’s positive factors noticed ETH climb to an intraday excessive of $3,351.07, which is essentially the most the value has hit since January 16.

Current ETH bulls might nonetheless change into barely nervous, because the upcoming ceiling of $3,390 might get in the best way of additional upwards momentum.

Similar to BTC, the 14-day RSI on ethereum is presently overbought, with it presently monitoring at 71, which is the very best level since September.

The upcoming ceiling is probably going one of many predominant hurdles standing in the best way of ETH, because it appears to be like to climb again in direction of the $4,000 degree.

Will we see additional positive factors, regardless of costs being overbought? Leave your ideas within the feedback under.