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 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.
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.
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.
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.