Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Hits $1,600 as Crypto Surge Continues on Tuesday

Ethereum rose for a seventh consecutive session on Tuesday, as prices briefly climbed above the $1,600 level. This move saw the token hit its highest level in over a month, and came as bitcoin also reached a nearly five-week peak, following gains made earlier today.

Bitcoin

Bitcoin (BTC) was up to start today’s session, however bullish momentum began to fade, as prices ran into some resistance.

On Tuesday, the world’s largest token rose to an intraday high of $22,795.04, as traders continued to feed off of the recent bullish sentiment.

This sentiment saw BTC/USD rise to its highest level since June 12, when prices were in the midst of falling from a high of $30,000.

Although some traders remain optimistic of a pending move back towards those levels, it seems as though prices may have reached a ceiling.

Following earlier highs, gains have somewhat eased, with BTC now trading at $21,858.14 as of writing, as bulls likely liquidated previous positions.

This decline comes as the 14-day RSI failed to move past its own resistance point of 55, and as of writing is tracking at 52.7.

Ethereum

On the other hand, bullish sentiment in ethereum (ETH) was mainly present throughout the session, after securing earlier highs.

As of writing, ETH rose to an intraday peak of $1,607.03 in today’s session, which is its highest point since July 12 also.

Similar to bitcoin, there has been some profit taking, with prices now trading at $1,525.80, however the token is still higher than Monday’s top.

Looking at the chart, the slight decline in price comes as the 14-day RSI moved slightly away from its three-month high of 69.79.

The index is currently tracking at 65.09 as of writing, and looks to be headed for a support level at 64.20.

Should it fall below this, then we could see a bullish sentiment shift, however bulls will likely resist this, and look to maintain upwards pressure.

Register your email here to get weekly price analysis updates sent to your inbox:

Will recent bullish momentum in crypto fade as the day progresses? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/Pow5Q3X
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more