Bitcoin, Ethereum Technical Analysis: ETH Nears $1,500, Following Strong Weekend Gains

Ethereum was once again higher on Monday, as prices of the token moved towards $1,500 following recent gains. Bitcoin was also in the green, as prices climbed close to a one month high, after surging above $22,000 to start the week.

Bitcoin

Bitcoin (BTC) was in the green to start the week, as the weekend’s bullish momentum continued in today’s session, sending prices over $22,000.

Following Sunday’s low of $20,778.18, BTC/USD surged to an intraday peak of $22,430.62 earlier today.

The move has seen bitcoin briefly break out of a key resistance level for the second time in under ten days, however it is still uncertain if the surge will be sustained this go around.

This resistance at the $22,300 has been one of the main stumbling blocks for price growth, with bears typically re-entering at that point.

As seen on the chart, this has somewhat already occured with bullish pressure turning bearish, as traders abandon earlier positions, choosing to secure gains instead.

This also coincides with the 14-day RSI hitting a ceiling of its own at 55, which is its highest point in over three months.

Ethereum

Ethereum (ETH) was the big gainer out of the top two tokens on Monday, as it too raced to a one month high, however, climbing by nearly 10% in the process.

Ethereum started the week by hitting a high of $1,493.23 on Monday, which is its highest point since June 12.

This peak comes following six consecutive days of higher highs, pushing ETH past several key price hurdles in the process.

The last of these was the resistance point of $1,300 which was broken on Saturday, and thus opening the flood gates to an onslaught of bulls.

Like bitcoin, the 14-day RSI indicator is now tracking at a three month high above 65, which in the past has been a point of uncertainty.

Although very close, prices have not yet reached the $1,500 point, and it appears that this is the point that bulls are targeting.

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

Will ether hit $1,500 by the end of the day? Leave your thoughts in the comments below.

Earning Passive Income With Crypto

Related Posts

Fractional NFT Markets Slide 76% in Value in 7 Months, Diced-up Doge NFT Still Leads the Pack

When non-fungible token (NFT) collectibles became popular, the fractionalized NFT market grew past the $200 million range seven months ago in December 2021. Since then, the fractionalized…

Bored Ape Yacht Club (BAYC) NFT Sales Test New Higher-Low Slipping More Than $290M

Similar to more than 90% of NFTs, BAYC saw a significant reduction in sales volume due to negative market sentiment during the seventh month of the year. …

Crypto Use in Metaverse Could Threaten Financial Stability, Says BoE

The prospective widespread use of cryptocurrencies within a fully developed metaverse could pose a systemic risk to financial stability, according to Bank of England researchers. Were the…

Troubled CoinFLEX Files for Restructuring in Seychelles

On Tuesday, the troubled Cryptocurrency exchange, CoinFlex, filed for restructuring in a Seychelles court to resolve a shortfall due to a counterparty failing to make a margin…

Elon Musk Sells Tesla Shares Worth Nearly $7 Billion — Plans to Buy TSLA Stock Back if Twitter Deal Falls Through

Elon Musk has sold nearly 8 million Tesla shares worth almost $7 billion. “It is important to avoid an emergency sale of Tesla stock” if Twitter forces…

Citadel CEO Ken Griffin Spills Beans on Why He Outbid ConstitutionDAO

Citadel CEO Ken Griffin opens up on what prompted him to outbid ConstitutionDAO last year to obtain a rare copy of the U.S. Constitution. The prized document…