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ETH Hits 8-Month High, as BTC Nears Key Resistance Level – Market Updates Bitcoin News

Eliman Dambell by Eliman Dambell
April 4, 2023
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ETH Hits 8-Month High, as BTC Nears Key Resistance Level – Market Updates Bitcoin News
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Ethereum surged to an eight-month high on Tuesday, as bulls began to gradually return to cryptocurrency markets. As the session matured, the global market cap moved higher, and is up by 1.27% at the time of writing. Bitcoin moved closer to a key resistance level at $28,500.

Bitcoin

Bitcoin (BTC) continued to trade close to a key resistance level on Tuesday, as volatility in the market remained high.

BTC/USD rose to a peak of $28,433.74 earlier in today’s session, which follows up from a low of $27,276.72 on Monday.

As a result of today’s surge, bitcoin moved near its recent price ceiling of $28,500, however bulls were not able to reach this point.

BTC/USD – Daily Chart

Looking at the chart, this seems to be due to the fact that the relative strength index (RSI) continued to hover near a floor at 60.

As of writing, the index is tracking at 61.00, with the next visible ceiling of 65.00 a possible target for buyers.

Should this level be reached, there is a strong possibility that BTC will be trading above $28,500.

Ethereum

On the other hand, ethereum (ETH) was mostly higher in today’s session, as bullish sentiment made an unexpected return.

Following a low of $1,771.15 to start the week, ETH/USD climbed to an intraday high of $1,871.35 on Tuesday.

Tuesday’s rally saw bulls push ethereum back to its strongest point since August 17, when price hit a peak of $1,957.

ETH/USD – Daily Chart

One of the catalysts for today’s surge appears to be a breakout at the 61.50 zone on the RSI indicator.

Currently, price strength is tracking at 62.54, with an upcoming ceiling at 65.00 a possible destination for bulls.

Should this point be hit, there is a good chance ETH will be trading at $1,900.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum to move to $1,900 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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