Bitcoin, Ethereum Technical Analysis: Ethereum Back Above $1,300 to Start the Week

Ethereum remained close to a three week high on Monday, as prices rallied following a turbulent weekend. Bullish sentiment appears to have somewhat returned to crypto markets to start the week, with the market cap trading 1.56% high as of writing. Bitcoin was also in the green in today’s session.

Bitcoin

Bitcoin (BTC) was trading close to a key resistance level on Monday, as bullish momentum seemingly returned to crypto markets.

Following a low of $19,124.20 on Sunday, BTC/USD surged to a peak of $19,646.65 earlier in today’s session.

This move saw the token briefly move past its ceiling of $19,600, however, as the day progressed, fell back below this point.

BTC/USD – Daily Chart

As of writing this, BTC/USD is currently trading at $19,426.71, which comes as the 14-day relative strength index (RSI) collided with a resistance point of its own.

The index is currently tracking at 50.25, which comes after price strength failed to move past a ceiling of 52.00.

Bulls will likely continue to make another attempt to move beyond this point, and should this occur, we will see BTC back above $20,000.

Ethereum

In addition to bitcoin, ETH/USD was trading close to a three-week high on Monday, after breaking out of a key resistance.

ETH/USD raced to an intraday high of $1,368.43 earlier today, which is marginally below its highest point since October 6.

Today’s move comes as the price ceiling of $1,330 was broken during yesterday’s session, giving way to bulls reentering the market.

ETH/USD – Daily Chart

The RSI on ethereum also surged beyond a hurdle, moving past its own 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.

Should this trend continue, then it is inevitable that ethereum will 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.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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