Bitcoin, Ethereum Technical Analysis: ETH Back Above $2,100, as BTC Rebounds From 1-Week Low
Ethereum moved back above $2,100 on Tuesday, as markets reacted to the latest gross domestic product (GDP) report from China. Chinese GDP rose by 4.5% during the first quarter of the year, higher than the 4% expected. Bitcoin rebounded from earlier losses. Bitcoin
Bitcoin (BTC) rebounded from a one-week low on Tuesday, as markets reacted to the latest gross domestic product (GDP) report from China.
BTC/USD dropped to a low of $29,154.85 earlier in today’s session, before climbing to a peak of $29,944.78 as the day matured.
The low sent bitcoin to its lowest point since April 10, which is when price was last below $29,000. BTC/USD – Daily Chart
Looking at the chart, the rebound has come as the 14-day relative strength index (RSI) bounced from a floor of 59.00.
Currently, price strength is tracking at the 61.91 mark, with the next visible ceiling at the 65.00 level.
BTC will likely be trading above $30,200 should the RSI reach this upcoming destination. Ethereum
Ethereum (ETH) was back above the $2,100 level in today’s session, as the token remains near an eleven-month high.
Following a low of $2,057.65 to start the week, ETH/USD raced to an intraday high of $2,109.58 earlier in the day.
Today’s peak is marginally lower than Sunday’s high of $2,142, which is the strongest point that ethereum has hit since last May. ETH/USD – Daily Chart
Similar to bitcoin, this rebound took place as the RSI jumped from its own support point at 68.00.
As of writing, the index is now at the 70.24 mark, with a resistance point at 75.00 a possible destination.
Should it hit the mark, there is a good chance that ethereum could move over $2,200.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, China, ETH, Ethereum, gdp
Do you expect that ethereum will surge in the coming days? Leave your thoughts in the comments below. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: LINK Jumps to 6-Month High, LTC Back Above $100 MARKET UPDATES | 8 hours ago Biggest Movers: DOGE Jumps 6%, AVAX Hits 2-Month High on Monday MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleZambia to Complete Testing Real-Life Crypto Usage Simulations by June — Government Minister Next articleGameFi Short Video Platform Cheelee Launches CHEEL Community Drop Worth $5,000,000 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms