Bitcoin started the week trading above $19,000, as bulls made a sluggish return to the token, following recent sell-offs. Ethereum also rallied on Monday, after a brief stint trading below $1,300. Overall, the global crypto market is down 1.19% as of writing.
Bitcoin (BTC) was trading marginally higher on Monday, as bull began to return to crypto markets following recent sell-offs.
Following a low of $19,118.19 on Sunday, BTC/USD raced to an intraday high of $19,491.33 earlier in the day.
Monday’s move saw the world’s largest cryptocurrency climb towards a key price ceiling of $19,500.
Looking at the chart, the rebound in price comes as the 14-day relative strength index (RSI) recently broke out of its resistance at 48.00.
As of writing, the index is tracking at 49.42, with the next visible resistance point near the 56.00 level.
Should price strength continue to move towards this point, we will likely see prices move towards the $20,000 mark.
Ethereum (ETH) also surged to start the week, with the token climbing for a second straight session.
After a brief breakout below its floor of $1,275 on Saturday, ethereum has put together a run of back-to-back gains.
Today’s surge has seen the token hit a peak of $1,322.33, which comes a day after it was hovering around the $1,281.29 mark.
Despite today’s gains, momentum in ETH/USD continues to be bearish, with both the 10-day (red) and 25-day (blue) moving averages trending downwards.
Bulls will likely be tentative to enter at this point, as we near a ceiling of $1,330, with the RSI also nearing an obstacle.
As of writing, the index is tracking at 45.87, which is slightly below a ceiling of 46.00.
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Do you expect ethereum to move above $1,400 this week? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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