ETH Back Above $2,000 as Crypto Rally Expands – Market Update Bitcoin News

Ethereum There was a brief rise above $2,000 on Tuesday, as crypto bulls were again present in today’s market trading. bitcoin It was also higher, with the world’s largest cryptocurrency climbing to its highest level in nearly three weeks.

bitcoin

Bitcoin rose to its highest level in nearly three weeks on Tuesday as cryptocurrency prices continued to rise after a recent decline.

After starting the week at a low of $29,363, bitcoin/USD surged to a peak of $31,949.63 earlier today.

The peak was Bitcoin’s highest trading level since May 9, when the market began a four-day downward spiral from $40,000.

Bitcoin, Ethereum Technical Analysis: ETH back above $2,000 as crypto rally expands
bitcoin/USD – daily chart

After trying to break its $30,500 resistance level on Monday, it was easily surpassed today. However, price uncertainty appears to have begun to spread.

Looking at the chart, you can see that we are now below earlier highs and the 14-day RSI (Relative Strength Index) is also tracking at 50.

Relative strength hasn’t moved from this point in nearly two months, but if we finally see that happening, a long-term climb toward $40,000 may have really begun.

Ethereum

Ethereum’s long-term climb to $2,000 begins and ends today as Ethereum This was briefly recaptured, then tapered off as the session progressed.

Ethereum/USD rose to a session high of $2,005.49 on Tuesday, less than 24 hours from a trading low of $1,877.64.

Today’s gains have put Ethereum up more than 10% over the past two sessions, with the most recent resistance level being broken in the process.

Bitcoin, Ethereum Technical Analysis: ETH back above $2,000 as crypto rally expands
Ethereum/USD – daily chart

This is of course the $1,950 point, which finally gave way after almost a week below that level, but the bears have yet to fully subside.

As can be seen from the chart, the earlier bulls opted to take profits after breaking the resistance, which gave the bears an incentive to return.

Following previous highs, Ethereum It is currently trading at $1,977.11 as of this writing, with the RSI capped at 44.50 holding firm despite recent attempts to break out.

Can we see bulls overcome the current turmoil, push Ethereum deeper? Leave your thoughts in the comments below.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.




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