Bitcoin, Ethereum Technical Analysis: Ethereum Surges 10% to Start February

Cryptocurrencies traded greater to start out the month of February, as markets look to overlook January’s pink wave. ETH is buying and selling near 10% greater as of writing, with bitcoin gaining nearly 4% immediately.

Bitcoin

Bitcoin, which fell by as a lot as $16,000 final month, has not too long ago began to regain some steam, climbing by over 11% within the final week.

This momentum continued into February, with BTC/USD hitting an intraday excessive of $39,026.79, its highest degree since January twenty first.

Today’s transfer noticed its 14-day RSI climb above the resistance degree of 40, and is at present racking at 41, which is the very best worth power has recorded within the final 20-days.

As a results of this rally, costs have marginally damaged out of the long-term descending triangle channel, with many now anticipating an imminent rise to $40,000.

Looking on the chart above, though the RSI has moved previous the extent of 40, there nonetheless seems to be important resistance at present ranges, which may probably trigger some bulls to tread fastidiously.

Once a full break finally takes place, BTC/USD might head to as excessive as $44,000.

Ethereum

ETH was additionally greater to start out the brand new month, and was one of many large movers throughout the prime 10 ranked cryptocurrencies.

Following a low of $2,556.16 on Monday, ETH/USD rose to an intraday excessive of $2,788.90 throughout immediately’s session, which is a 10-day excessive.

This transfer, which sees ETH buying and selling practically 10% greater, comes after it broke out of the $2,600 resistance degree, which was in place since January twenty first.

Similar to BTC, ethereum is now shut to a degree of uncertainty throughout the 14-day RSI, and this can possible act as a short-term hurdle to additional will increase in worth.

If this resistance is damaged, how excessive may ETH go? Leave your ideas within the feedback under.