Following a weekend trading below $20,000, bitcoin rallied by over 10% on Monday to recapture this level. Cryptocurrencies were mainly in the green to start the week, as bulls seemingly bought the weekend’s dip. ETH was almost 15% higher in today’s session.
Bitcoin
Bitcoin rebounded from recent drops to start the week, as prices were once again trading above the $20,000 level.
Following a low of $19,232.30 during Sunday’s session, BTC/USD has rallied to an intraday high of $20,913.32 on Monday.
This rally saw the world’s largest crypto token regain momentum, after falling to its lowest level since December 2020 over the weekend.
BTC/USD – Daily Chart
Despite today’s gains in price, BTC still remains in a downward slope, and is down 15% from its value at the same point last week.
As of writing, prices are now trading close to a recent support point of $20,500, as bulls chose to secure gains, rather than hold onto positions following earlier highs.
This coincided with the 14-day RSI hitting its own resistance level at 29, which has historically stifled attempted rallies in price.
Ethereum
ETH was trading below a key level over the weekend, however it also managed to surge in today’s session.
Monday saw ethereum rise by nearly 15% at its peak, hitting an intraday high of $1,159.99 in the process.
ETH fell to a low of $885 during the weekend, which is the lowest point prices have hit since January 2021.
ETH/USD – Daily Chart
Similar to BTC, ethereum encountered a stumbling block in today’s session, as bulls fled their positions as the RSI reached a point of resistance.
This is the 30.20 ceiling, and this coincided with another resistance around the $1,150 point, which has seemingly acted as an exit zone.
As of writing, prices are currently trading at $1,130, which comes as bulls avoided remaining in trades close to these areas of uncertainty.
Will ETH fall below $1,000 at any point this week? Leave your thoughts in the comments below.
Eliman Dambell
Image Credits: Shutterstock, Pixabay, Wiki Commons
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