ETH Hits 2-Month High Above $1,800 – Market Updates Bitcoin News
Ethereum rose to a two-month high on Monday, as crypto prices have largely moved higher following Friday’s non-farm payrolls report. Bitcoin surged to a one-week high, as the token climbed above $24,000 to start the week. Overall, the global market cap is trading 4.11% higher at the time of writing.
Bitcoin
Bitcoin (BTC) was up for a second consecutive session to start the week, with prices moving closer to a key resistance level.
After a low of $23,024.80 on Sunday, BTC/USD rallied to an intraday high of $24,153.34 earlier in today’s session.
As a result of today’s surge, the world’s largest cryptocurrency moved a step closer to the $24,600 ceiling.
Looking at the chart, bears have prevented prices from moving above this point since June 13, but BTC bulls will look to finally break out of this level in the coming weeks.
For this to happen, price strength must increase significantly, and rise above a separate central resistance point.
This is the 62 level of the 14-day relative strength index (RSI), which has not been breached since April 4 and is currently the main obstacle preventing bitcoin from moving above $25,000.
Ethereum
While BTC rose above $24,000, ethereum (ETH) also rallied to start the week, with prices briefly breaking above the $1,800 region.
ETH/USD hit an intraday high of $1,806.89 on Monday, its highest point since early June.
The move came as prices rose above a key ceiling of $1,775, following the weekend rally that started on Friday, when ETH bounced off a floor of $1,595.
See also BTC Falls Below $22,000 As Powell Warns Against Higher Prices - Market Updates Bitcoin News
Despite the momentum of the past few days, there are some concerns that prices may soon begin to pull back.
One of the reasons for the concerns is the fact that the 14-day RSI is close to hitting a resistance point at 67.
At the time of writing, the index is tracking at a reading of 66.59, and like bitcoin, ETH’s relative strength has not moved past the upcoming hurdle in over four months.
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Can Ethereum break this resistance level and move towards $1,900 this week? Leave your thoughts in the comments below.
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