Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Past Key Resistance Levels on Tuesday
Bitcoin was trading at its highest level in the past five days on Tuesday, as prices rose past a key resistance point. Ethereum also rallied to a similar milestone earlier in today’s session, as cryptocurrency markets continue to move away from recent bearish sentiment. As of writing, the global market cap is trading 0.38% higher.
Bitcoin moved to its highest point in five days on Tuesday, as bearish sentiment began to gradually fade.
BTC/USD hit an intraday high of $19,667.00 earlier in today’s session, which follows up from Monday’s bottom of $19,427.00.
The move saw price climb beyond a key resistance point of $19,550, hitting its strongest point since Friday in the process.
Looking at the chart, today’s move comes as the 14-day relative strength index (RSI) continues to trade above its ceiling of 48.50.
As of writing, the index is tracking at 51.18, however, some earlier bulls have liquidated their positions, with prices now trading slightly lower at $19,584.52.
Despite this slight decrease in price, bulls are likely to continue targeting $20,000, which hasn’t been hit since October 6.
In addition to BTC, ethereum (ETH) was mostly higher on Tuesday, as the token continued to trade above $1,300.
Following a bottom of $1,315.31 to start the week, the token raced past a key ceiling, on its way to today’s peak of $1,339.09.
The ceiling of $1,330 has mostly been in place for the last fortnight, however ETH/USD has moved lower since the earlier breakout.
The world’s second largest cryptocurrency is now hovering slightly below today’s peak, at the $1,326.75 mark.
Like with bitcoin, ETH bulls have somewhat retreated, as market uncertainty increased near the resistance level.
Should bulls overcome this current turbulence, the next target for ethereum traders will likely be a ceiling near the $1,380 region
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum move lower, after failing to remain above its current resistance? Leave your thoughts in the comments below.