AnalysisBitcoinEthereumMarket UpdatesNews
Ethereum surged to a two-month high on Monday, as crypto prices have mostly moved higher following Friday’s nonfarm payrolls report. Bitcoin rose to a one-week high, as the token climbed above $24,000 to start the week. Overall, the global market cap is trading 4.11% higher as of writing.
Bitcoin
Bitcoin (BTC) was up for a second successive session to start the week, with prices moving closer to a key resistance level.
Following a low of $23,024.80 on Sunday, BTC/USD rallied to an intraday peak of $24,153.34 earlier in today’s session.
As a result of today’s surge, the world’s largest cryptocurrency moved a step closer to its ceiling of $24,600.
BTC/USD – Daily Chart
Looking at the chart, bears have prevented prices from moving above this point since June 13, however BTC bulls will look to finally break out of this level in upcoming weeks.
In order for this to take place, price strength will need to significantly increase, and rise above a key resistance point of its own.
This is the 62 level on the 14-day relative strength index (RSI), which hasn’t been broken since April 4, and is currently the main obstacle preventing bitcoin from moving above $25,000.
Ethereum
Whilst BTC rallied above $24,000, ethereum (ETH) also rose to start the week, with prices briefly breaking above the $1,800 region.
ETH/USD hit an intraday high of $1,806.89 on Monday, which is its highest point since early June.
The move came as prices rose above a key ceiling of $1,775, following this weekend’s rally which began on Friday, when ETH bounced from a floor of $1,595.
ETH/USD – Daily Chart
Despite the momentum of the past few days, there are some concerns that prices could soon begin to retreat lower.
One of the reasons for the concerns is the fact that the 14-day RSI is close to hitting a resistance point at 67.
As of writing, the index is tracking at a reading of 66.59, and like bitcoin, ETH’s relative strength has not moved past its upcoming hurdle in over four months.
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Could ethereum break this resistance level, and move towards $1,900 this week? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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Source : Bitcoin
