BTC, ETH Marginally Higher After Monday’s Drop – Market Updates Bitcoin News
Crypto markets were back in the green on Tuesday, as bearish pressure eased marginally during today’s session. Ethereum rallied back above $1,600 earlier in the day, less than 24 hours after coming close to breaking out below $1,500. Bitcoin was also higher, moving past the $21,000 level.
Bitcoin
Bitcoin (BTC) prices traded marginally higher on Tuesday, as crypto prices rebounded from recent losses.
After a low of $20,955.14 to start the week, BTC/USD rallied to a high of $21,521.70 earlier in the day.
Tuesday’s move comes as prices continue to move away from a key support point at $20,800, as bulls attempt to reject a breakout.
As can be seen from the chart, the pullback came when another breakout attempt failed, this time on the 14-day relative strength index (RSI).
The floor, which is the 37.40 level of the indicator, remained firm in today’s session, and at the time of writing follows 38.48.
Despite easing slightly, bearish momentum remains, and can be seen in both the 10-day (red) and 25-day (blue) moving averages, which continue to trend down.
Ethereum
Like bitcoin, ethereum (ETH) also rose in today’s session, as the token once again climbed above $1,600.
ETH/USD, which was at a low of $1,553.45 to start the week, edged higher in today’s session, moving to a high of $1,632.75.
Tuesday’s move comes as ethereum also moved away from its recent support point of $1,550, with bulls now apparently trying to recapture the $1,700 point.
Unlike BTC, there has yet to be a downward crossover of moving averages, keeping bullish sentiment marginally alive.
This was helped by the fact that the RSI also rebounded, going from a floor of 43.60 to now at a level of 44.50.
Should ETH bulls wish to recapture the $1,700 point, price strength will likely need to move towards a ceiling of 49.
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