Bitcoin, Ethereum Technical Analysis: BTC up to $42,550 Ceiling, as Bullish Momentum Continues
BTC was once again trading higher, as bullish momentum extended during today’s market session. Bitcoin rose to its highest level in eleven days, breaking resistance of $42,500 in the process. ETH was also up, hitting a ten-day high.
Bitcoin
BTC climbed higher for a fourth consecutive day, pushing the world’s largest cryptocurrency past a key resistance level earlier today.
After a bottom of $40,961.10 during Wednesday’s session, BTC/USD raced to an intraday peak of $42,709.75 earlier in the day.
This is the highest point bitcoin has reached since April 10. However, on that occasion prices fell towards the $40,000 level.
As of writing, momentum on this occasion seems to be bullish, with the 10-day moving average now upward facing, which typically signifies an incoming price surge.
If such a surge were to occur, the target for bulls will likely be the $44,800 ceiling, which hasn’t been hit since April 6.
Price strength has also recently broken out of a ceiling of 50.35, and seems to be trying to recapture the 55 level. This could be enough to send the price to $44,800 if it transpires.
Ethereum
ETH has also recorded its fourth consecutive higher high, with prices today also moving past a long-term resistance point.
Following a false breakout of the $3,150 ceiling yesterday, prices went on to fall to a low of $3,045.29 on hump-day.
However, Thursday saw this breakout finally sustained, with ETH/USD rallying to a high of $3,166.33.
Today’s peak is the highest ETH has traded at since April 11, and comes as the 14-day RSI has also risen to a high of its own of 12 days.
Price strength is now tracking at 52.85, with the 55.15 ceiling clearly the next point of interest for current ETH bulls.
As we said yesterday, should this ceiling be hit we will likely see ETH hovering near the $3,300 level, with some even eyeing the $3,500 point.
What is behind this recent bullish sentiment in crypto markets? Leave your thoughts in the comments below.
