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....
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Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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.
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 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.
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.
Will ETH climb above $2,000 this week? Leave your thoughts in the comments below.
Why this matters
This ethereum story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
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