Following a weekend trading below $20,000, bitcoin rallied by over 10% on Monday to recapture this level. Cryptocurrencies were mainly in the green to start the week, as bulls seemingly bought the weekend’s dip. ETH was almost 15% higher in today’s session.
Bitcoin rebounded from recent drops to start the week, as prices were once again trading above the $20,000 level.
Following a low of $19,232.30 during Sunday’s session, BTC/USD has rallied to an intraday high of $20,913.32 on Monday.
This rally saw the world’s largest crypto token regain momentum, after falling to its lowest level since December 2020 over the weekend.
Despite today’s gains in price, BTC still remains in a downward slope, and is down 15% from its value at the same point last week.
As of writing, prices are now trading close to a recent support point of $20,500, as bulls chose to secure gains, rather than hold onto positions following earlier highs.
This coincided with the 14-day RSI hitting its own resistance level at 29, which has historically stifled attempted rallies in price.
ETH was trading below a key level over the weekend, however it also managed to surge in today’s session.
Monday saw ethereum rise by nearly 15% at its peak, hitting an intraday high of $1,159.99 in the process.
ETH fell to a low of $885 during the weekend, which is the lowest point prices have hit since January 2021.
Similar to BTC, ethereum encountered a stumbling block in today’s session, as bulls fled their positions as the RSI reached a point of resistance.
This is the 30.20 ceiling, and this coincided with another resistance around the $1,150 point, which has seemingly acted as an exit zone.
As of writing, prices are currently trading at $1,130, which comes as bulls avoided remaining in trades close to these areas of uncertainty.
Will ETH fall below $1,000 at any point this week? 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
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.