8 February 2023

Bitcoin, Ethereum Technical Analysis: BTC Races to 3-Week High on Monday

Bitcoin was trading above $17,000 on Monday, as the world’s largest cryptocurrency raced to a three-week high. Today’s move comes as prices rose for a second straight day, with momentum now firmly bullish. Ethereum was also in the green to start the week, with the coin hovering near the $1,300 mark.

Bitcoin


Bitcoin (BTC) surged to a three-week high on Monday, as prices climbed for a second straight session.

Following a low of $16,940.90 on Sunday, BTC/USD moved to an intraday peak of $17,378.15 earlier in today’s session.

This high is the strongest point that bitcoin has hit since November 11, when price was at a high of $17,645.



Looking at the chart, today’s surge comes as the 10-day (red) moving average extended its upwards cross of its 25-day (blue) counterpart.

In addition to this, the 14-day relative strength index (RSI) has also moved higher, and as of writing is tracking at 50.40, above its ceiling of 50.00.

Should this upwards momentum continue, it is likely that BTC bulls will be targeting a ceiling of $17,700.

Ethereum


In addition to bitcoin, ethereum (ETH) was also in the green to start the week, as prices edged closer to $1,300.

ETH/USD rose to a high of $1,302.24 earlier in today’s session, less than 24 hours after falling to a low of $1,253.16.

As a result of this, the world’s second largest cryptocurrency has now marginally broken out of a long-term resistance point of $1,300.



Similar to the trend on bitcoin’s chart, ethereum’s moving average (MA) of 10 days (red) continues its upwards ascent versus the 25-day MA.

The 14-day RSI has also climbed, with the index tracking at 52.87, which is above a ceiling of 52.00.

Once bulls are finally able to break this current wall, the next target for traders will likely be the $1,350 point.

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What is the highest point you expect ethereum to reach this week? Leave your thoughts in the comments below.

Read on bitcoin.com