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Bitcoin, Ethereum Technical Analysis: BTC up to $30,000 to Start the Week

News Feed - 2022-05-30 10:05:26

Bitcoin, Ethereum Technical Analysis: BTC up to $30,000 to Start the Week


Bitcoin rose above $30,000 to start the week, with bearish sentiment marginally fading as we head into June. ETH also rallied on Monday, however the world’s second largest cryptocurrency continued to hover below $1,900. Bitcoin


Following almost five days trading below $30,000, BTC finally surged, with prices climbing to their highest point in over two weeks.


So far today, we have seen BTC/USD hit a high of $30,806.86, which is its highest level since May 16.


Today’s peak comes following three consecutive days of gains, which began near the recent support point of $28,800. BTC/USD – Daily Chart


As a result of this bullish momentum, bitcoin broke out of its ceiling of $30,500, and as of writing is just marginally below this point.


Bulls who entered in the last few days are likely securing profits at this resistance point, which has often been a point of contention.


The 14-day RSI is also currently tracking at a multi-week high of 46, and may move higher until it finds the next ceiling at 49.


Ethereum


Ethereum also rose by almost 5% to start the week, however these gains were not enough to send prices over $2,000.


Following a low of $1,787.47 on Sunday, ETH/USD raced to an intraday high of $1,909.92 earlier today.


These gains came as bulls held the recent support point at $1,750, and pushed prices back towards the $1,950 former floor. ETH/USD – Daily Chart


Similar to BTC, some of today’s earlier gains have faded, and as of writing, ETH is trading at $1,888.73, which is marginally below today’s high.


However, unlike bitcoin, where the RSI is still heading towards a ceiling, ETH has already found one, and this could potentially entice bears to re-enter. Tags in this story Analysis, BTC, ETH


Will ETH climb above $2,000 this week? 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: ADA Hits 1-Week High, HNT Nearly 20% Higher on Monday MARKET UPDATES | 7 hours ago Biggest Movers: DOGE Climbs Following Spacex News, XTZ Rebounds From Recent Losses MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Latam Countries Are Among the Most Enthusiastic About the Metaverse Next articleSurvey: Most Salvadorans Still Not Convinced About Bitcoin as Legal Tender 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 ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


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