Bitcoin, Ethereum Technical Analysis: BTC Rebounds From 2-Month Low, Climbing Back Above $27,000
Bitcoin was back in the green on Monday, as prices climbed back above the $27,000 level to start the week. Prices slipped to a two-month low over the weekend, however momentum has marginally shifted. Ethereum was also higher today.
Bitcoin (BTC) jumped back above the $27,000 level to start the week, as sentiment showed glimpses of shifting after last week’s bear run.
Following a low of $26,762.25 on Sunday, BTC/USD raced to an intraday peak of $27,521.62 earlier in today’s session.
The move saw the world’s largest cryptocurrency continue to move away from a floor at $26,500, and a recent two-month low.
Bitcoin chart by TradingView
Monday’s rise in price sees bitcoin move higher for a second straight day, breaking out of a ceiling on the relative strength index (RSI) in the process.
At the time of writing, price strength is now tracking at 43.66, which is marginally above the aforementioned resistance at 43.00.
Bulls will now likely be looking to reenter the $28,000 level, which was last hit this past Thursday.
Ethereum (ETH) also made gains to start the week, as it moved beyond the $1,800 mark in today’s session.
ETH/USD rose to a high of $1,834.94 on Monday, less than 24 hours after falling to a bottom at $1,787.54.
Similar to BTC, today’s move is the second consecutive day ETH has risen, and comes following the recent eight-day losing streak.
Ethereum chart by TradingView
This resulted in ethereum dropping to its weakest point since March, however it now appears that momentum has now shifted.
Price strength on ethereum has also risen, climbing above a key point of resistance at the 44.00 level.
The index is now tracking at the 45.85 mark, with the next ceiling at the 50.00 level.
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Do you expect crypto prices to continue to climb this week? Leave your thoughts in the comments below.
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