Bitcoin, Ethereum Technical Analysis: ETH Stays Above $2,900 as Traders Eye $3,000 Ceiling
Ethereum remained above $2,900 to start the week, as the world’s second largest cryptocurrency consolidated its recent gains. Bitcoin was also consolidating, as it continued to trade above $41,000 during Monday’s session. Bitcoin
Despite a selloff to end last week, prices of BTC continued to hover above $41,000 on Monday, as market bulls appear to still be holding onto their positions.
Following a low of $40,668.04 earlier in today’s session, BTC/USD rose to an intraday high of $41,607.47 on Monday.
Although BTC is now trading around the $41,379 area, it remains 0.45% lower than yesterday’s high above the $42,200 ceiling. BTC/USD – Daily Chart
Today’s session saw bitcoin fall below its floor of $40,580, which is its lowest level since last Friday, as markets were preparing for the weekend.
Looking at the chart, the reversal in price momentum came as BTC hit its long-term resistance point of $42,200, leading to bears re-entering the market.
In addition to this ceiling, the 14-day RSI was also unable to move past its own ceiling of 55, and now sits at 51.5.
Should this momentum persist, we could see bitcoin below $40,000 in the upcoming days.
Ethereum
Although BTC fell, ETH remained marginally higher as of writing, as prices continued to trade above the $2,900 level.
On Monday, ETH/USD hit an intraday high of $2,934.69, as prices rebounded following a selloff during Sunday’s session.
The price of ETH fell as the asset approached the $3,010 ceiling, which comes as traders appear to have closed positions, leading to a turnaround, as seen before at this level. ETH/USD – Daily Chart
Despite the reversal which came, there was enough bullish pressure in ETH to keep prices from falling below $2,900, with ETH/USD now up over 14% in the last seven days.
This momentum could see further gains come this week, as bulls seem to still be present at this level. Tags in this story Bitcoin, BTC, ETH, Ethereum, Technical Analysis
Could we see a full ETH breakout above $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. Biggest Movers: DASH, CVX and ALGO Lead Monday"s Gainers, APE Falls Further MARKET UPDATES | 5 hours ago Biggest Movers: AVAX Almost 20% Higher, as RUNE and ZEC Near 15% Gains on Saturday MARKET UPDATES | 2 days ago
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