Bitcoin, Ethereum Technical Analysis: ETH Hits 8-Month High, as BTC Nears Key Resistance Level
Ethereum surged to an eight-month high on Tuesday, as bulls began to gradually return to cryptocurrency markets. As the session matured, the global market cap moved higher, and is up by 1.27% at the time of writing. Bitcoin moved closer to a key resistance level at $28,500.
Bitcoin (BTC) continued to trade close to a key resistance level on Tuesday, as volatility in the market remained high.
BTC/USD rose to a peak of $28,433.74 earlier in today’s session, which follows up from a low of $27,276.72 on Monday.
As a result of today’s surge, bitcoin moved near its recent price ceiling of $28,500, however bulls were not able to reach this point.
Looking at the chart, this seems to be due to the fact that the relative strength index (RSI) continued to hover near a floor at 60.
As of writing, the index is tracking at 61.00, with the next visible ceiling of 65.00 a possible target for buyers.
Should this level be reached, there is a strong possibility that BTC will be trading above $28,500.
On the other hand, ethereum (ETH) was mostly higher in today’s session, as bullish sentiment made an unexpected return.
Following a low of $1,771.15 to start the week, ETH/USD climbed to an intraday high of $1,871.35 on Tuesday.
Tuesday’s rally saw bulls push ethereum back to its strongest point since August 17, when price hit a peak of $1,957.
One of the catalysts for today’s surge appears to be a breakout at the 61.50 zone on the RSI indicator.
Currently, price strength is tracking at 62.54, with an upcoming ceiling at 65.00 a possible destination for bulls.
Should this point be hit, there is a good chance ETH will be trading at $1,900.
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