Bitcoin, Ethereum Technical Analysis: ETH Over $3,000, BTC Nears $45,000 as Bulls Return
Ethereum climbed over the $3,000 level on Tuesday, as crypto bulls returned in full force, following weeks of market tension. Bitcoin also rallied, with prices nearing $45,000 and cryptocurrency markets as a whole trading over 14% higher. Bitcoin
The world’s largest cryptocurrency was one of the biggest gainers in the top ten on Tuesday, as bullish sentiment once again returned to markets.
Following a low of $39,649.06 yesterday, BTC/USD hit an intraday high of $44,793.60 earlier in today’s session.
As of writing, BTC is up 15.20% on the day, with its price trading at the highest level since February 17. BTC/USD – Daily Chart
Looking at the chart, Tuesday’s move has pushed the price of bitcoin close to a key resistance point of $45,043, a level which hasn’t truly been broken since early January.
With prices moving closer to resistance, profit takers have naturally entered, as such today’s candlestick has lost some of its earlier depth.
Price strength is also somewhat overbought, and is currently tracking above 60, which is almost a three-week high.
Bullish pressure will likely remain, until a marginal break of $45,000 occurs.
Ethereum
The price of ETH was also trading at multi-week highs on Tuesday, with some now anticipating even further gains in the near future.
ETH/USD hit an intraday high of $3,029.72 during the session, which is almost 14% higher than yesterday’s low of $2,620.38.
Today’s move follows a breakout of the $2,882 resistance, which took place for the first time since February 18. ETH/USD – Daily Chart
A break also occurred with the 14-day RSI, as price strength raced past the 47.9 level, and is currently tracking at 54.81.
This new-found momentum will likely have some bulls targeting the $3,200 area, which has acted as resistance in the past. However, there will likely be some turbulence between now and then. Tags in this story Bitcoin, Ethereum, Technical Analysis
Do you expect this gain in prices to extend throughout the week? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Technical Analysis: AVAX, WAVES and Near Trade Over 20% Higher on Tuesday MARKET UPDATES | 5 hours ago Technical Analysis: LUNA Leads Crypto Rally, ANC Slips Under Bearish Pressure MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUkraine Now Takes Polkadot, Says It Will Accept Other Coins Soon Next articleCoinbase ‘Will Not Institute a Blanket Ban’ on All Transactions Tied to Russian Crypto Addresses 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 ItFarmville Creator Zynga to Launch NFT Games, Says Gaming Firm"s Blockchain Lead
American social game developer Zynga has plans to launch non-fungible token (NFT) games in the near future. Zynga’s vice president of blockchain, Matt Wolf, told the press that the company is looking at the cycle right now and “figuring out ... read more.McDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants Topps Plans to Auction Rare 1952 Mickey Mantle NFT Card Minted on Ethereum Global Regulators "Going Full Steam" on Crypto — Official Says "Current Structure Is No Longer Fit for the Purpose" Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030