Bitcoin, Ethereum Technical Analysis: BTC Climbs Back Above $17K, Hitting 3-Week High
Bitcoin rose to a three-week high on Jan. 9, as prices surged beyond the $17,000 mark to start the week. The move comes days ahead of the upcoming U.S. inflation figures, and as traders continue to react to Friday’s nonfarm payrolls (NFP). Ethereum was also higher, rising to a multi-week high in the process. Bitcoin
Bitcoin (BTC) moved above the $17,000 level to start the week, as markets shifted their focus to this week’s U.S. inflation report.
Following a low of $16,928.18 on Sunday, BTC/USD surged to a peak of $17,283.72 earlier in today’s session.
The move saw BTC climb to its highest point since December 16, when price was at a high of $17,525. BTC/USD – Daily Chart
Looking at the chart, today’s high came as the 10-day (red) moving average finally crossed over its 25-day (blue) counterpart.
In addition to this, the 14-day relative strength index (RSI) marginally moved past its recent resistance level at 60.00.
As of writing, the index is tracking at 60.46, with the next visible ceiling at the 63.00 zone. Ethereum
Like BTC, ethereum (ETH) also rallied to a multiple-week high on Monday, with prices climbing above a recent ceiling at $1,300.
ETH/USD raced to an intraday high of $1,324.01 earlier in today’s session, which comes less than 24 hours after trading at a low of $1,261.95.
Similar to bitcoin, today’s rally pushed ethereum to its highest point since mid-December, when the coin was above $1,350. ETH/USD – Daily Chart
As can be seen from the chart, an upwards crossover of moving averages has also occurred here, with the RSI gaining momentum as well.
Currently, the index is tracking at 66.81, which is its strongest point since October 29, when ETH was trading upwards of $1,500.
Should bullish sentiment remain throughout the week, ethereum will likely climb past the $1,400 level.
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Will we see ethereum extend today’s gains throughout the week? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November MARKET UPDATES | 8 hours ago Biggest Movers: ETC Surges 14% to Hit 6-Week High on Saturday MARKET UPDATES | 2 days ago
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