Bitcoin, Ethereum Technical Analysis: ETH Recaptures Fresh 1-Month High

Share This Post

Ethereum rebounded during Thursday’s session to recapture the $3,000 level, climbing to a fresh one-month high in the process. This comes as BTC rose back above $43,000, hitting a 20-day high as a result.

Bitcoin

On Thursday, BTC rose to its highest level since March 3, as prices of the world’s largest cryptocurrency gained for a third consecutive day.

After trading at a low of $41,812 on Wednesday, BTC/USD rallied to a peak of $43,231.29 during Thursday’s session.

This is the highest price bitcoin has hit in 21 days and comes following a breakout of the $42,500 resistance level.

Recent bullish momentum in BTC has come as traders seem to have moved past the market uncertainty following Biden’s executive order, in addition to the Fed rate decision.

Should we see the upward trend continue, the $45,050 resistance point could be a potential price target for bulls.

However, one of the hurdles that could come in the way of this is the upcoming 61.65 ceiling on the 14-day RSI indicator.

.

Ethereum

Yesterday’s drop in prices did not carry forward into Thursday for ethereum, as ETH once again rose above the $3,000 level.

Ethereum climbed to an intraday high of $3,067.99 during today’s session, which is the highest point it has traded since February 17.

This five-week high comes as the 14-day RSI saw its ceiling of 59.73 broken for the first time since February 9.

Looking at the chart, should this bullish strength persist, we could be looking at $3,260 as the next point bulls look towards, in terms of taking profits.

However, with prices currently overbought, relatively speaking, there could be some bears looking at this as an opportune time to enter the market.

Will we see today’s rise in ETH sustain for the rest of the session? Leave your thoughts in the comments below.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Farm, Craft, and Thrive in My Neighbor Alice

Follow Regina in her journey down the rabbit hole that is My Neighbor Alice Will she find a wonderful land, or will it be a bore Read on to find out Last episode’s quick recap I’m still

Vitalik Buterin lays down roadmap to minimize centralization risk in Ethereum POS design

Ethereum co-founder Vitalik Buterin believes that the centralization of proof-of-stake (POS) poses a significant threat to Ethereum POS centralization is where large stakers dominate and small

Dogecoin Breaks Above $0.12 Level – Time For DOGE To Catch Up?

Dogecoin (DOGE) has finally broken through the crucial $012 resistance level, marking a significant milestone as it surges to catch up with the broader crypto market rally After weeks of struggling

Bitcoin’s Market Dominance Soars To 3-Year High – Is This The End Of Altcoin Season?

Bitcoin and many other cryptocurrencies have been on significant price increases in the past few weeks Bitcoin, in particular, has been inching close to its all-time high, and the recent break above

Bitcoin ETF Holdings Push Steadily Toward the 1 Million BTC Threshold

Following Friday’s spot bitcoin exchange-traded fund (ETF) activity, the numbers reveal that the 12 ETFs are on the brink of reaching the impressive milestone of 1 million bitcoins As of this

Julian Assange thinks blockchain has a higher purpose than Bitcoin

The following is a guest post by Kadan Stadelmann, CTO of Komodo Blockchain Although Julian Assange was released from prison in June, his first appearance did not happen until the beginning of the