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ETHmanaged to hold the $1,200 level on Tuesday despite increased price uncertainty in the crypto market. BTCfell below $21,000 in today’s session, as the size of the global crypto market declined by as much as 2% earlier today.
Bitcoin
Following a slightly bearish start to the week, bitcoin was under increasing downward pressure in today’s session.
The world’s largest crypto token fell to an intraday low of $20,577 during Tuesday’s session in less than 24 hours after approaching $22,000.
Today’s decline follows a rise in bearish sentiment, with traders seeing yesterday’s decision by the bulls to take profits as a sign of weakness.
So those looking for a downside opportunity used it as a signal to re-enter the market, pushing prices slightly lower in the process.
One of the main catalysts for this change in sentiment was the 14-day RSI, which failed to break out of key resistance at 35.70 on Monday.
At the time of writing,BTC/USD is currently trading at $21,011.48, still 1.03% below yesterday’s peak and may not regain bullish momentum until this ceiling in the RSI is broken.
Ethereum
ETHmanaged to hold above $1,200 for most of today’s session despite the bears’ attempts to push prices even lower.
70} ETH71} /USD fell to an intraday low of $1,170.23 early in the Tuesday session, but bulls were able to move prices from this floor.
At the time of writing,ETHis currently trading at $1226.05, slightly lower than yesterday’s high of $1228.88.
In recent momentum, Ethereum has gained 7% in the past 7 days, with the 10-day moving average indicating further upside potential The 10-day moving average is now indicating further upside potential.
If this short-term momentum continues on this trajectory, we will inevitably see an upward cross.
This could be the catalyst that brings the price of the world’s second largest cryptocurrency back above the $1300 level.
Image credit: Shutterstock, Pixabay, Wiki Commons
