Ethereum rose for the seventh consecutive session on Tuesday, with prices briefly topping the $1,600 level. The move brought Ethereum to its highest level in more than a month, and followed Bitcoin’s rise earlier today to its highest level in nearly five weeks.
Bitcoin
Bitcoin (BTC) rose to start today’s session, but bullish momentum began to wane as prices encountered some resistance.
On Tuesday, the world’s largest token rose to an intraday high of $22,795.04 as traders continued to feed off the recent bullish sentiment.
This sentiment sawBTC/USD rise to its highest level since June 12, when prices were in the midst of falling from a high of $30,000.
Some traders are optimistic about the pending move back towards these levels, but it seems that price may have reached a ceiling
Following earlier highs, gains have eased somewhat, withBTCnow trading at $21,000; BTCis now trading at $21,858.14, suggesting that bulls have liquidated their earlier positions.
The decline is attributed to the 14-day RSI’s inability to cross its own resistance point of 55, which is at 52.7 at the time of writing.
Ethereum
On the other hand, Ethereum (ETH) was mainly bullish throughout after securing its earlier high.
At the time of writing,ETHhas climbed to an intraday peak of $1607.03 in today’s session, which is also its highest since July 12.
Like Bitcoin, there has been profit-taking, with the price now trading at $1,525.80, but the token is still higher than Monday’s top.
The chart shows a slight decline in price as the 14-day RSI has moved a bit off its 3-month high of 69.79.
At the time of this writing, it is at 65.09 and appears to be heading toward the support level at 64.20.
Below this level, a change in bullish sentiment is likely, but bulls are likely to resist and maintain upside pressure.
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