After their recent losses, the bulls are back in the crypto markets and Bitcoin (BTC), managed to rise throughout Tuesday. Following the rise of Bitcoin, Ethereum also managed to escape yesterday’s low of $ 2900 and is now trading above $ 3100.
Bitcoin Technical Analysis
After several days of bearish action, cryptocurrency prices finally rose on Tuesday and BTC climbed back above $41,000. Bitcoin moved the markets by gaining close to 5% during the day.
The price surge on Tuesday followed Monday’s low of $39,123.16, the lowest BTC/USD has traded since March 15.
At the time of writing, Bitcoin was trading at $41,534.0 net. It should be noted that although this level is slightly off the previous highs, traders are trying to take profits at the resistance level.
Looking at the chart, this upper level is located at $41.175, which has stopped the last three sustained attempts to break out.
While prices haven’t broken out, with the 14-day RSI trading marginally above the 44,000 resistance, price strength could be a good indicator for bulls looking to continue today’s pressure.
Ethereum Technical Analysis
Ethereum (ETH) also managed to rise on Tuesday and, with its short-scale rally, broke away from several-week lows.
At the time of writing, ETH/USD hit an intraday high of $3,080.79 earlier in today’s session, which represents an increase of about 4% from yesterday’s low.
Monday’s low of $2,903.24 dropped below the long-term price floor of $2,950 and hit its lowest point since March 22.
Despite today’s rally, the 14-day RSI is trading below the 50 level and hovering around 47.50. This is actually pretty good news for the bulls, but any further increase in price will likely create resistance at the $3150 level.
If there is enough momentum to surpass both this point and the 49 RSI level, we could see ETH heading towards $3300.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.