Bitcoin, Ethereum Technical Analysis: BTC, ETH Both Hit Fresh 1-Month Highs, as Bullish Pressure Intensifies
Bitcoin prices surged on hump day, as the token climbed towards the $24,000 level in today’s trading session. The move came as bullish pressure intensified, following several days of recent gains. Ethereum also remained higher, once again climbing above $1,600. Bitcoin
Bitcoin (BTC) extended its recent gains on Wednesday, as prices rose towards the $24,000 level in today’s session.
The world’s largest cryptocurrency surged to an intraday peak of $23,759.76 on hump day, which is its highest point since June 13.
Wednesday’s fresh five-week high comes as price strength increased, breaking out of a key resistance level in the process. BTC/USD – Daily Chart
Looking at the chart, this ceiling on the 14-day RSI of 56.7 was broken in the last 24 hours, leading to an influx of new bulls.
This move also comes as the 10-day and 25-day moving averages finally crossed, with both gauges of momentum moving in an uptrend.
As of writing, the RSI is tracking at 62, which has historically been a resistance point, and should this history repeat, we may see today’s gains begin to ease.
Ethereum
Like yesterday, ethereum (ETH) was once again trading above $1,600, as bullish sentiment remained in the token.
Following a low of $1,517.16 in Tuesday’s session, ETH/USD rose to a high of $1,602.13 on hump day.
Today’s peak saw the token trade at its highest point since June 11, and comes as bulls now look set to push prices closer towards $2,000. ETH/USD – Daily Chart
This may be challenging, as price strength currently looks as though it is overbought, with the 14-day RSI tracking at 68.35.
Overall, this is the highest reading for the index since April 4, and unless this ceiling is broken, the move towards $2,000 will be on hold for now.
A key resistance of $1,645 is on the horizon, and should prices fail to move past this point, bears could look to reenter.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Could ethereum hit $2,000 in July? 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: DOGE, ADA Move to Multi-Week Highs on Wednesday MARKET UPDATES | 7 hours ago Gold "Clearly Turned Bearish" Says Societe Generale as TD Securities Strategists Expect Further Downside MARKET UPDATES | 9 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNigeria Leads Africa in Regulating Digital Asset Space — Securities Regulator Next articleGold ‘Clearly Turned Bearish’ Says Societe Generale as TD Securities Strategists Expect Further Downside 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 ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether