Ethereum surged to an eight-month high on Tuesday as bulls slowly began returning to the cryptocurrency market. As the session matured, global market capitalization began to rise, up 1.27% as of this writing. Bitcoin approached a key resistance line at $28,500.
Bitcoin
Bitcoin (BTC) continued to trade near a key resistance line on Tuesday as market volatility remained high.
BTC/USD rose to a peak of $28,433.74 earlier today’s session, following Monday’s low of $27,276.72.
As a result of today’s surge, bitcoin moved to the recent price ceiling near $28,500, but the bulls were unable to reach this point.
The chart shows that the Relative Strength Index (RSI) continued to hover around a floor of 60.
As of this writing, the index is hovering at 61.00 and the next visible ceiling of 65.00 could be a target for buyers.
Once this level is reached,it becomes more likely that BTCwill trade above $28,500.
Ethereum
Meanwhile, Ethereum (ETH) rose in today’s session, largely due to the unexpected return of bullish sentiment.
After a weekly low of $1,771.15,ETH/USD rose to an intraday high of $1,871.35 on Tuesday.
With Tuesday’s rally, bulls pushed Ethereum back to its strongest level since the August 17 peak of $1,957.
One of the triggers for today’s surge appears to be a breakout of the RSI indicator at the 61.50 zone.
Price strength is currently at 62.54, and a ceiling at 65.00 could be the destination for bulls going forward.
If this point is hit,is a good possibility; ETHtrades at $1,900.
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