Trading below $20,000 over the weekend, bitcoin rose over 10% on Monday to retake this level. The cryptocurrency opened the week mainly in the green, as bulls bought into the weekend decline. ETHrose almost 15% in today’s session.
Bitcoin
Bitcoin rebounded from its recent decline earlier in the week as prices traded above the $20,000 level again.
After hitting a low of $19,232.30 during Sunday’s session,.BTC/USD rose to an intraday high of $20,913.32 on Monday.
The rally saw the world’s largest crypto token regain momentum after falling over the weekend to its lowest level since December 2020.
Despite today’s price increase,BTCis still on a downhill slope, down 15% from its value at the same point last week.
As of this writing, prices are trading near the recent support point of $20,500, as bulls have opted to secure profits rather than hold positions following previous highs.
It also coincides with the 14-day RSI reaching a resistance level of 29, which has historically suppressed price appreciation attempts.
Ethereum
ETHwas trading below key levels over the weekend but could soar in today’s session.
On Monday, Ethereum rose about 15% at its peak, hitting an intraday high of $1,159.99 in the process.
ETHfell to a low of $885 over the weekend, the lowest price point since January 2021.
89} as well as BTCas the RSI reached resistance points and bulls fled their positions Ethereum encountered a stumbling block in today’s session.
This is the 30.20 ceiling, which coincides with another resistance near the $1150 point, seemingly acting as an exit zone.
At the time of this writing, price is currently trading at $1130, which is due to bulls avoiding to remain trading close to these areas of uncertainty.
Image credits: Shutterstock, Pixabay, Wiki Commons