On Monday, prices rose after a tumultuous weekend, while Ethereum remained near a three-week high. Since the market cap is currently trading 1.56% higher than where we started the week, bullish optimism seems to have somewhat returned to the cryptocurrency markets. In today’s session, Bitcoin was also up.
On Monday, bullish momentum appeared to have returned to the cryptocurrency markets as Bitcoin (BTC) was trading near a significant resistance level.
BTC/USD rose to a high of $19,646.65 earlier in today’s session after hitting a low of $19,124.20 on Sunday.
The token momentarily crossed its $19,600 cap due to this move, but it returned below this level as the day went on.
BTC/USD is currently trading at $19,426.71 as of this writing, following the 14-day RSI’s collision with a resistance level of its own.
After price strength failed to advance over a ceiling of 52.00, the index is now tracking at 50.25.
Bulls will probably try to go past this point once more, and if they succeed, BTC will rise above $20,000.
Along with bitcoin, ETH/USD hit a three-week high on Monday after overcoming a significant obstacle.
ETH/USD raced to an intraday high of $1,368.43 earlier today, marginally below its highest point since October 6.
The price ceiling of $1,330 was breached during yesterday’s session, allowing bulls to enter the market again, leading to today’s movement.
The RSI on Ethereum also surged beyond a hurdle, moving past its resistance of 50.30, and is tracking at 52.82 as of writing.
This recent rise in bullish pressure has led to a shift in momentum, with the 10-day (red) moving average now nearing a crossover with its 25-day (blue) counterpart.
If this trend continues, Ethereum will inevitably be trading above $1,400 in the coming days.
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Do you expect bullish momentum to remain in Ethereum this week? Leave your thoughts in the comments below.