Ethereum moved above $2,100 on Tuesday as the market reacted to the latest gross domestic product (GDP) report from China. China’s GDP increased 4.5% in the first quarter of this year, beating expectations of 4%. Bitcoin rebounded from earlier losses.
Bitcoin
Bitcoin (BTC) rebounded from a one-week low on Tuesday as the market reacted to China’s latest gross domestic product (GDP) report.
BTC/USD fell to a low of $29,154.85 earlier in today’s session, then rose to a peak of $29,944.78 as the day wore on.
This low brought bitcoin to its lowest point since April 10, when the price last fell below $29,000.
The chart shows that a rebound is taking place as the 14-day Relative Strength Index (RSI) is bouncing off the bottom at 59.00.
Price strength is currently tracking at the 61.91 mark, with the next visible ceiling at the 65.00 level.
BTCwill likely trade above $30,200 if the RSI reaches this destination.
Ethereum
Ethereum (ETH) is back above the $2,100 level in today’s session as the token remains near an 11-month high.
After a weekly low of $2,057.65,ETH/USD ran up to an intraday high of $2,109.58 during the day.
Today’s peak is just below Sunday’s high of $2,142, the strongest point recorded by Ethereum since last May.
Like Bitcoin, this rebound occurred as the RSI jumped from its own support point of 68.00.
As of this writing, the index is at 70.24, with the 75.00 resistance point as a possible destination.
If it should hit, there is a good chance that Ethereum could move above $2,200.
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