Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate, Following Last Week’s Losses
Bitcoin rebounded from this weekend’s low on Monday, as markets attempted to consolidate following recent losses. The cryptocurrency rose back above the $26,000 level, after a brief stint below this point. Ethereum also settled, after declines over the weekend.
Bitcoin
Bitcoin was marginally higher to start the week, as the cryptocurrency climbed back above the $26,000 level on Monday.
Following a low of $25,919.02 on Sunday, BTC/USD rose to an intraday peak at $26,260.68 earlier in the day.
Overall, bitcoin traders seem to have found a semi-stable floor around the $25,900 mark, and now look set to potentially recover some of last week’s gains.
Looking at the chart, the relative strength index (RSI) is now tracking at 20.57, which is still deep in the oversold region.
This could work out to benefit bulls however, as bearish momentum may be fully exhausted after last week’s run.
Ethereum
Ethereum (ETH) was marginally higher on Monday, as price continued to settle around a new support point.
ETH/USD hit a high of $1,692.33 to start the week, as bulls attempted to take the world’s second largest cryptocurrency back above $1,700.
The jump in price came as ethereum settled on a support point around the $1,650 mark, with bulls using this as a point of reentry.
Similar to bitcoin above, the 14-day RSI remains oversold, and is currently tracking around the 25.00 region.
From the chart, the next visible point of resistance seems to be at the 31.00 level, which bulls will likely be targeting.
Should they break out of this point, ETH will likely move back above $1,700.
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Do you expect ethereum to climb higher in the coming week? Leave your thoughts in the comments below.
