Crypto markets marginally consolidated on Tuesday, following yesterday’s price surge which saw bitcoin and ethereum both rally to multi-week highs. BTC climbed to $45,000, with ETH moving to $3,200.
Bitcoin
Bitcoin prices were marginally below yesterday’s high, as profit takers look to have closed some of their positions.
BTC/USD rose to an intraday high of $45,293.87 during Monday’s session, however it’s tracking close to $43,354.61 today.
Yesterday’s move, which now looks like a false break, moved beyond its recent resistance of $43,770, en route to its highest point since January 5.
The moving averages of 10-days (red) and 25 days (blue) have crossed over on the upside, which many believe shows that the momentum may continue to surge until a true resistance is found.
BTC/USD – Daily Chart
Should we see another swing, many could see this resistance as being close to the $50,000 level, which hasn’t been hit since late December.
As of writing, prices have continued to fall, with a doji being formed in today’s chart.
Ethereum
Following an intraday high of $3,219.47 on Monday, which was a three-week high, ETH was also consolidating during today’s session.
As of writing, ETH/USD fell to a low of $3,062.51 on Tuesday, as bulls liquidated positions in the world’s second largest cryptocurrency.
Ethereum now sits marginally above its old resistance level at $3,022, which seems to be forming a new floor.
The 14-day RSI has also dropped below its resistance level of 56, and is currently tracking around 54.
ETH/USD – Daily Chart
Similar to BTC, moving averages have also experienced an upside cross, which may give long-term bulls the confidence to maintain positions, despite the current short-term volatility.
Will another ETH rally come this week? Leave your thoughts in the comments below.
Eliman Dambell
Image Credits: Shutterstock, Pixabay, Wiki Commons
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