Ethereum rose to a three-week high at the start of Saturday’s session, but its gains narrowed as the day progressed. The token continues to trade above $1,700 as market sentiment remains bullish. Bitcoin did the same, failing to break out of key resistance and gradually losing momentum.
Bitcoin
Bitcoin (BTC) continued to trade above $21,000 on Saturday, but yesterday’s bullish momentum faded slightly.
BTC/USD rose to a high of $21,613.86 early in today’s session, but prices later fell to an intraday low of $20,651.06.
This decline was due to the bears’ inability to sustain a breakout of the resistance point at $21,600, which countered the move.
This decline occurred as the chart shows that the 14-day Relative Strength Index (RSI) appeared to collide with its own resistance level at 55.40
At the time of this writing, bitcoin has slowly regained momentum and is currently trading at $21,356.34, but further significant gains may not be seen until the RSI exceeds the aforementioned ceiling.
Also, the 10-day moving average (red) is about to cross the 25-day moving average (blue). This could be another catalyst for further upside in prices.
Ethereum
Ethereum (ETH) is mostly higher to start the weekend as the token soared above its own resistance level.
On Saturday, the world’s second-largest token climbed to a peak of $1,739.43. This was as the price exceeded the $1,700 ceiling.
There have been some declines since the previous highs,and ETH/USD is currently trading at $1,721.15.
As with Bitcoin, it appears that the bulls have chosen to close out their previous positions and secure their gains as market uncertainty increases.
From the chart, it appears that the 14-day RSI is playing a role in this volatility, with the index currently hovering at 58.00 and approaching a ceiling at 60.00.
The bulls continue to target $1800, but price strength will need to overcome future obstacles to capture this point.
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Image credits: Shutterstock, Pixabay, Wiki Commons
