Bitcoin, Ethereum Technical Analysis: BTC, ETH Climb for Second Consecutive Session
Bitcoin was higher for a second consecutive session, as the world’s largest cryptocurrency was pushing towards the $40,000 level. Ethereum also rallied, as it moved away from its three-week low. Bitcoin
Bearish pressure seems to have eased in BTC, as bulls were firmly present to start Wednesday’s trading session.
Following a low below $36,400 yesterday, BTC/USD hit an intraday high of $38,917.27 earlier in today’s session.
The move sees bitcoin edge closer to the key $40,000 level, which it broke below on Monday, following rising tensions with Ukraine and Russia.
Looking at the chart, the 14-day RSI has also gained, and now sits at 43.73, which is marginally below resistance of 44.74. BTC/USD – Daily Chart
Bulls hoping that BTC enters the $40,000 level will likely wait to see if the momentum of the last two days extends. If so, they could look to boost price strength even further.
We may now see some tentative action around the current level, until a clear break of this ceiling takes place.
Ethereum
ETH also moved higher, as the world’s second largest cryptocurrency rallied away from recent lows.
As of writing, ETH/USD is up close to 3%, after rising to an intraday high of $2,741.30, which is its highest level since Monday.
Price strength also climbed, with the 14-day RSI breaking beyond its own resistance point at 40, currently tracking at 43.35. ETH/USD – Daily Chart
Despite the climb, there is another ceiling close by, with the 44.42 level seen as a major hurdle, due to the level of bears which have lived there in the past.
Markets now wait to see if history will repeat itself, or if we will have a breakout, and potentially head towards $3,000. Tags in this story Bitcoin, Ethereum, Technical Analysis
Could these gains extend heading into the latter part of 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: LUNA, AVAX Lead Wednesday’s Crypto Rally MARKET UPDATES | 5 hours ago Technical Analysis: XRP Falls 10%, as ANC Climbs Higher MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLuna Foundation Guard Raises $1 Billion to Safeguard UST Dollar Peg Next articleBware Labs Raises $6M in Series a Funding Round to Boost Blockchain API Infrastructure 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 ItMcDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants
Following a slew of well known brands filing trademarks for metaverse related products and virtual goods, the American fast food firm founded in 1940, McDonald’s, has filed for ten trademark applications that describe plans to offer virtual restaurants and other ... read more.Global Regulators "Going Full Steam" on Crypto — Official Says "Current Structure Is No Longer Fit for the Purpose" Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks US Inflation Jumps to 7.5%, CPI Climbs at Fastest Rate in 40 Years, Citizens See Little Wage Growth RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India