Bitcoin, Ethereum Technical Analysis: ETH Nears $2,000, Ahead of US Independence Day
Ethereum moved closer to $2,000 on Monday, as markets prepared for a short, but busy week of U.S. economic data. This is due to the fourth of July Independence Day celebrations, which will see some markets in the United States closed. Once reopened, the FOMC minutes, and non-farm payrolls report will be some of the key fundamentals released. Bitcoin largely consolidated today.
Bitcoin
Bitcoin (BTC) was once again in consolidation, as the world’s largest cryptocurrency remained below a key resistance level for a third straight day.
BTC/USD moved to a peak at $30,789.11 earlier in the day, less than 24-hours after nearing a drop below $30,000.
Despite the marginal gain, BTC remained below a key level of resistance at the $30,800 for the third straight session.
One of the reasons for this was due to the 14-day relative strength index (RSI) hovering below a ceiling of its own at 69.00.
The index is now tracking at 66.64, which is near a point where it has flat lined for the past few days.
There is a strong chance that BTC may continue this trend until U.S. markets return from the Independence Day break.
Ethereum
Ethereum (ETH) on the other hand, made steady gains to start the week, moving towards the $2,000 mark in the process.
ETH/USD jumped to an intraday high at $1,973.64 on Monday, a day after the price fell to a bottom at $1,895.91.
As a result of this rally, the world’s second largest cryptocurrency once again reached its strongest point since May 6.
Whilst BTC’s price strength has been unable to break resistance, ethereum’s RSI rose beyond a hurdle at 60.00, and is now tracking at 62.69.
Should this new found momentum continue to intensify there is a good chance that ETH will be above $2,000 in the coming days.
ETH is now trading at $1,964.20
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Will ethereum end the week above or below $2,000? Leave your thoughts in the comments below.
