Ethereum surged to a two-month high on Monday as crypto prices rose mostly on Friday following the nonfarm payrolls report. Bitcoin climbed to a one-week high as the token rose above $24,000 to start the week. Overall, the global market cap traded 4.11% higher at the time of writing.
Bitcoin
Bitcoin (BTC) rose for the second consecutive session to start the week, with prices approaching key resistance levels.
After hitting a low of $23,024.80 onBTC/USD rose to an intraday peak of $24,153.34 earlier in the session today.
As a result of today’s surge, the world’s largest cryptocurrency is one step closer to the $24,600 ceiling.
The chart shows that since June 13, bears have prevented prices from moving above this point, butBTCBulls expect an eventual breakout above this level in the coming weeks.
For this to happen, price strength will need to increase significantly and rise above its own key resistance point.
This is the 62 level of the 14-day Relative Strength Index (RSI), which has not been broken since April 4 and is currently the main obstacle preventing Bitcoin from exceeding $25,000.
Ethereum
Meanwhile,BTC rose above $24,000, while Ethereum (ETH) also rose earlier in the week, with prices briefly breaching near $1,800.
/USD hit an intraday high of $1806.89 on Monday, the highest price since early June.
60} The move followed a rally this weekend that began on Friday, as prices crossed above the key $1,775 ceiling, which was whenETH rebounded ETHbounced back from a $1,595 floor.
Despite the momentum of the past few days, there is concern that prices will soon turn lower.
One reason for concern is that the 14-day RSI is close to hitting the 67 resistance point.
At the time of writing, it is tracking with a reading of 66.59, and like Bitcointhe relative strength of ETHhas not moved above that next hurdle in over four months.
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