ETH hits $ 1,600 while Crypto Surge continues on Tuesday – Market Updates Bitcoin News
Ethereum rose for a seventh straight session on Tuesday as prices briefly climbed above the $ 1,600 level. This move caused the token to reach its highest level in over a month, and came when bitcoin also reached a nearly five-week high, after rising earlier today.
Bitcoin
Bitcoin (BTC) was up to start today’s session, but bullish momentum began to decline as prices faced some resistance.
On Tuesday, the world’s largest token rose to an intraday high of $ 22,795.04 as traders continued to feed off the recent bullish sentiment.
This sentiment caused BTC / USD to rise to its highest level since June 12, when prices were in the midst of falling from a high of $ 30,000.
Although some traders are still optimistic about a waiting move back towards these levels, it seems that prices may have reached a ceiling.
After previous highs, gains have slowed somewhat, with BTC now trading at $ 21,858.14 at the time of writing, as bulls are likely to liquidate previous positions.
This decline comes as the 14-day RSI failed to move past its own resistance point of 55, which at the time of writing is tracked at 52.7.
Ethereum
On the other hand, bullish sentiment in ethereum (ETH) was mainly present throughout the session, having secured previous highs.
At the time of writing, ETH rose to an intraday high of $ 1,607.03 in today’s session, which is also the highest point since July 12.
Like bitcoin, there has been some profit, with prices now trading at $ 1,525.80, but the token is still higher than Monday’s high.
If we look at the chart, the slight price decline comes as the 14-day RSI moved slightly away from the three-month high of 69.79.
The index is currently following 65.09 at the time of writing, and appears to be moving towards a support level of 64.20.
Should it fall below this, we can see a bullish sentiment shift, but bulls will probably resist this, and look to maintain an overpressure.
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Will recent bullish momentum in crypto fade as the day progresses? Leave your thoughts in the comments below.
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