Following recent losses, BTC rallied on Tuesday, as bulls appeared to have returned to cryptocurrency markets. In addition to bitcoin, ETH also moved away from yesterday’s low below $2,900, with price now hovering close to $3,100.
After several days of bearish pressure, cryptocurrency prices finally rallied on Tuesday, with BTC climbing back above $41,000.
The world’s largest cryptocurrency was up by as much as 5% earlier in today’s session, rising to an intraday high of $41,146.89 in the process.
Tuesday’s price surge comes following a bottom of $39,123.16 on Monday, which was the lowest BTC/USD had traded since March 15.
As of writing, BTC is currently trading at $40,926.77, which is marginally lower than earlier highs, and comes as traders took profit at resistance.
Looking at the chart, this ceiling is at the $41,175 level, which halted the last three attempted sustained breakouts.
Despite prices failing to breakout, price strength has, with the 14-day RSI trading marginally above the 44 resistance, which could be a good indication for bulls looking to sustain today’s pressure.
ETH was also trading higher on Tuesday, moving away from its multi-week lows in the process of today’s rally.
As of writing, ETH/USD raced to an intraday peak of $3,080.79 earlier in today’s session, which is roughly 4% up from yesterday’s low.
Monday’s bottom of $2,903.24 fell below the long-term price floor of $2,950, and hit its lowest point since March 22.
Despite today’s rally, the 14-day RSI continues to hover below its ceiling at 50, and is currently tracking around 47.50.
This is good news for bulls, however, any further gains in price will likely meet resistance at the $3,150 level.
Should there be enough momentum to pass both this point, and the 49 RSI level, we could see ETH heading towards $3,300.
Has the recent consolidation in ETH finally ended? Leave your thoughts in the comments below.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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