Bitcoin, Ethereum Technical Analysis: ETH Remains Above $2,000, While BTC Recaptures $30K Level
BTC moved away from Monday’s lows to surge above $30,000 on Tuesday, as crypto bulls pushed prices higher. ETH continues to trade above $2,000, with prices rising by as much as 4% during today’s trading session. Bitcoin
Following a stint below $30,000 to start the week, BTC was trading above this level as bulls made a comeback on Tuesday,
Following a low of $29,251.89 during Monday’s session, BTC/USD rose to a peak of $30,678.68 earlier today.
Since falling below $30,000 last week, markets have been volatile, as prices have looked to establish new support and resistance levels. BTC/USD – Daily Chart
So far, the floor has been the $28,800 level, with a resistance point of $31,500. These were both reestablished last week.
Looking at the chart, the 10-day and 25-day moving averages are still showing bearish sentiment, with both still pointing to downwards momentum.
With volatility at a high, traders are still treading carefully in their decision making, which will likely lead to more price uncertainty in upcoming sessions.
Ethereum
Like bitcoin, ETH was also higher on Tuesday, as overall market sentiment moved higher following a red wave to start the week.
Yesterday’s slow start saw ETH/USD hit a bottom of $1,988.81, but it spiked to a peak of $2,094.54, which is nearly 3% up from Monday’s low.
Although ETH has mirrored BTC in terms of direction, drops in ethereum have been less, as prices appear to have found a firm floor. ETH/USD – Daily Chart
This support point seems to be at the $1,950 level, with $2,150 acting as a level of resistance with this period of consolidation.
Looking at the chart, it can be seen that the Relative Strength Index (RSI) of 14-days continues to track below a ceiling of 35, which will likely need to be broken if consolidation is to end. Tags in this story Analysis, Bitcoin, ETH
Will we see an influx of bullish sentiment following today’s gains? Leave your thoughts in the comments below. Eliman Dambell
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. Biggest Movers: AVAX Rebounds on Tuesday, AAVE up Over 10% MARKET UPDATES | 7 hours ago Biggest Movers: XMR and SOL Higher on Monday MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSquare Enix to Reinforce Blockchain Bet, According to Latest Earnings Report Next articleIndia’s Central Bank RBI Warns Crypto Could Lead to Dollarization of Economy 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 ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms