Bitcoin, Ethereum Technical Analysis: ETH Moves Back Above $1,800, BTC Remains Near Recent Highs
Ethereum once again rallied above the $1,800 level on Monday, ahead of a highly significant week of U.S. economic data. Over the next few days consumer confidence, and nonfarm payrolls will be reported, ahead of a Federal Reserve policy meeting. Bitcoin continued to trade close to the $35,000 zone.
Bitcoin
On Monday, bitcoin remained near the $35,000 level, ahead of a key week of economic data from the United States.
BTC/USD peaked at the $34,743.26 mark to start the week, after falling to a low at $34,173.38 on Sunday.
This resulted in bitcoin moving closer to an 18-month high at $35,157, which was last struck on October 25.
Since hitting a low of $33,400 on Friday, BTC has made consecutive gains, and this comes after the relative strength index (RSI) found a stable floor at 79.00.
As of writing, the index is tracking at 82.52, which is still significantly above the overbought mark.
Should price now continue to increase, there is a good chance that price strength will edge closer to a ceiling at 87.00.
Ethereum
Ethereum (ETH) rose above the $1,800 level to start the week, following a second straight day in the green.
Following a low of $1,779.36 on Sunday, ETH/USD rose to a high of $1,827.13 earlier in today’s session.
As a result of the move, the world’s second largest cryptocurrency rose to its highest point since last Thursday.
From the chart, it appears that the rally came as the RSI neared its long-term resistance level of 75.00.
Currently, the index is tracking at 72.20, with ethereum marginally below its earlier peak at $1,817.
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Could ethereum remain above $1,800 for the rest of this week? Leave your thoughts in the comments below.
