Bitcoin, Ethereum Technical Analysis: ETH Nears $1,500, Following Strong Weekend Gains

Ethereum was as soon as once more greater on Monday, as costs of the token moved in direction of $1,500 following latest good points. Bitcoin was additionally within the inexperienced, as costs climbed near a one month excessive, after surging above $22,000 to start out the week.

Bitcoin

Bitcoin (BTC) was within the inexperienced to start out the week, because the weekend’s bullish momentum continued in right now’s session, sending costs over $22,000.

Following Sunday’s low of $20,778.18, BTC/USD surged to an intraday peak of $22,430.62 earlier right now.

The transfer has seen bitcoin briefly escape of a key resistance stage for the second time in underneath ten days, nevertheless it’s nonetheless unsure if the surge will probably be sustained this go round.

This resistance on the $22,300 has been one of many major obstacles for worth development, with bears sometimes re-entering at that time.

As seen on the chart, this has considerably already occured with bullish strain turning bearish, as merchants abandon earlier positions, selecting to safe good points as an alternative.

This additionally coincides with the 14-day RSI hitting a ceiling of its personal at 55, which is its highest level in over three months.

Ethereum

Ethereum (ETH) was the massive gainer out of the highest two tokens on Monday, because it too raced to a one month excessive, nevertheless, climbing by almost 10% within the course of.

Ethereum began the week by hitting a excessive of $1,493.23 on Monday, which is its highest level since June 12.

This peak comes following six consecutive days of upper highs, pushing ETH previous a number of key worth hurdles within the course of.

The final of those was the resistance level of $1,300 which was damaged on Saturday, and thus opening the flood gates to an onslaught of bulls.

Like bitcoin, the 14-day RSI indicator is now monitoring at a 3 month excessive above 65, which previously has been a degree of uncertainty.

Although very shut, costs haven’t but reached the $1,500 level, and it seems that that is the purpose that bulls are concentrating on.

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