Bitcoin, Ethereum Technical Analysis: BTC Rallies to 1-Week High Above $42,000
Following an extended period of bearish pressure, bitcoin’s price surged on Wednesday, as bulls returned to the market. ETH was also higher, climbing to a five-day high in the process. Bitcoin
Bitcoin finally broke above its recent price ceiling on hump-day, leading to the world’s largest cryptocurrency snapping a six-day losing streak.
Following a low of $38,235.74 earlier in today’s session, BTC/USD surged beyond its resistance level at $40,000 as crypto prices rebounded across the board.
As of writing, BTC/USD is up nearly 9% on the day, hitting an intraday high of $42,352.69 in the process. BTC/USD – Daily Chart
This is the highest level BTC has traded since last Friday, when prices were on their way to a now support level of $37,600.
Wednesday’s surge in price comes as the 14-day RSI broke free of its own resistance point of 46.70, and is currently tracking at 55.10.
Should price strength continue to climb, bulls will likely attempt to recapture the $45,000 ceiling for the first time since March 2nd.
Ethereum
ETH, which was in a streak of consolidation for the last four sessions, finally moved away from this floor, and is up by over 6%.
As of writing, ETH/USD is trading at $2,739.56, which is marginally lower than today’s peak of $2,761.80.
Looking at the chart, today’s surge has taken the price of ethereum close to its interim resistance point of $2,800. ETH/USD – Daily Chart
This will likely act as the main hurdle stopping bulls from reaching the $3,000 level, as well as the upcoming RSI ceiling of 50.75.
Bulls will likely have been buoyed by 10-day and 25-day moving averages, which look set to cross imminently. Tags in this story Bitcoin, BTC, ETH, Technical Analysis
Could we see ETH at $3,000 this 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: LUNA Hits New High, as Biden Signs Crypto Executive Order MARKET UPDATES | 5 hours ago Technical Analysis: ANC Falls 14%, as ZEC Leads Tuesday Gainers MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Inflation Skyrockets, 64% of Americans Live Paycheck to Paycheck, S&P 500 Chart Shows Death Cross Imminent Next articleBiden Signs Executive Order Establishing National Crypto Policy Across 6 Key Priorities 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 ItUkraine"s Cyberpolice Force Starts Accepting Cryptocurrency Donations
As Ukraine is increasingly relying on crypto donations, its Cyberpolice force has also decided to seek help from the crypto community in the country and abroad. The unit now takes various cryptocurrencies to support law enforcement agencies and acquire essential ... read more.Rwanda May Not Reach Decision on CBDC Issuance Until End of 2022 — Central Bank Official Square Enix to Bring Dungeon Siege IP to The Sandbox South African Crypto Exchange Valr Raises $50 Million in Series B Funding Round UK Regulator Bans Floki Inu Ad for Being Irresponsible, Exploiting Investor FOMO