Bitcoin, Ethereum Technical Analysis: BTC Hits $48,000 as ETH Nears January High of $3,500
Bitcoin briefly hit a excessive above $48,000 on Tuesday, as costs of the world’s largest cryptocurrency rose for an eighth straight day. ETH was additionally buying and selling increased throughout the session, with costs nearing their highest since January 5.
Bitcoin reached the $48,000 degree in the present day, because the world’s largest cryptocurrency climbed increased for an eighth consecutive session.
On Tuesday, BTC/USD rose to an intraday excessive of $48,086.84, as costs rose to their highest level since New Year’s Eve.
Today’s transfer comes as bitcoin has sustained its upward momentum since breaking out of the then ceiling of $42,500 on March 22.
Now on the cusp of one more resistance at $48,200, BTC’s current streak will seemingly be examined, as bears will look to quick at this level.
Looking on the chart, historical past reveals us that there have been earlier bearish runs at this level, much like January 2, and with costs at the moment overbought, there may be some purpose as to why a reversal might happen.
Bulls will seemingly not give means and not using a battle, nevertheless, as longer-term traders sense an actual alternative to maneuver in direction of $50,000.
In addition to BTC, costs of ethereum additionally climbed on Tuesday, as the worldwide crypto market cap rose by virtually 2% as of writing.
ETH/USD climbed to an intraday excessive of $3,470.19 throughout in the present day’s session, which is its highest degree since January 6.
Today’s transfer now signifies that ethereum’s value has risen for 13 of the final 15 days, gaining shut to twenty% in worth inside that interval.
The rally which befell in the present day noticed ETH breakout of its resistance degree at $3,380, following a break past the $3,170 mark solely two days prior.
As such, value power continues to surge, with the 14-day RSI now monitoring at 74.39, which is a multi-month excessive.
Although some will proceed to anticipate a reversal, the momentum of the transferring averages reveals no signal of slowing down, which might result in additional good points.
Could we see the $3,500 degree hit as early as in the present day? Leave your ideas within the feedback beneath.