by Eliman Dambell
BTC moved away from Monday’s lows to surge above $30,000 on Tuesday, as crypto bulls pushed prices higher. ETH continues to trade above $2,000, with prices rising by as much as 4% during today’s trading session.
Following a stint below $30,000 to start the week, BTC was trading above this level as bulls made a comeback on Tuesday,
Following a low of $29,251.89 during Monday’s session, BTC/USD rose to a peak of $30,678.68 earlier today.
Since falling below $30,000 last week, markets have been volatile, as prices have looked to establish new support and resistance levels.
So far, the floor has been the $28,800 level, with a resistance point of $31,500. These were both reestablished last week.
Looking at the chart, the 10-day and 25-day moving averages are still showing bearish sentiment, with both still pointing to downwards momentum.
With volatility at a high, traders are still treading carefully in their decision making, which will likely lead to more price uncertainty in upcoming sessions.
Like bitcoin, ETH was also higher on Tuesday, as overall market sentiment moved higher following a red wave to start the week.
Yesterday’s slow start saw ETH/USD hit a bottom of $1,988.81, but it spiked to a peak of $2,094.54, which is nearly 3% up from Monday’s low.
Although ETH has mirrored BTC in terms of direction, drops in ethereum have been less, as prices appear to have found a firm floor.
This support point seems to be at the $1,950 level, with $2,150 acting as a level of resistance with this period of consolidation.
Looking at the chart, it can be seen that the Relative Strength Index (RSI) of 14-days continues to track below a ceiling of 35, which will likely need to be broken if consolidation is to end.
Will we see an influx of bullish sentiment following today’s gains? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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