Ethereum was once again higher on Monday, as prices of the token
moved towards $1,500 following recent gains. Bitcoin was also in the
green, as prices climbed close to a one month high, after surging above
$22,000 to start the week.
Bitcoin
Bitcoin (BTC)
was in the green to start the week, as the weekend’s bullish momentum
continued in today’s session, sending prices over $22,000.
Following Sunday’s low of $20,778.18, BTC/USD surged to an intraday peak of $22,430.62 earlier today.
The move has seen bitcoin briefly
break out of a key resistance level for the second time in under ten
days, however it is still uncertain if the surge will be sustained this
go around.
This resistance at the $22,300 has
been one of the main stumbling blocks for price growth, with bears
typically re-entering at that point.
As seen on the chart, this has
somewhat already occured with bullish pressure turning bearish, as
traders abandon earlier positions, choosing to secure gains instead.
This also coincides with the 14-day RSI hitting a ceiling of its own at 55, which is its highest point in over three months.
Ethereum
Ethereum (ETH)
was the big gainer out of the top two tokens on Monday, as it too raced
to a one month high, however, climbing by nearly 10% in the process.
Ethereum started the week by hitting a high of $1,493.23 on Monday, which is its highest point since June 12.
This peak comes following six consecutive days of higher highs, pushing ETH past several key price hurdles in the process.
The last of these was the resistance
point of $1,300 which was broken on Saturday, and thus opening the flood
gates to an onslaught of bulls.
Like bitcoin, the 14-day RSI
indicator is now tracking at a three month high above 65, which in the
past has been a point of uncertainty.
Although very close, prices have not
yet reached the $1,500 point, and it appears that this is the point that
bulls are targeting.
source link : https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-eth-nears-1500-following-strong-weekend-gains/
