Ethereum held above $2,900 at the start of the week, as the world’s second largest cryptocurrency consolidated its recent gains. Bitcoin was also consolidating, as it continued to trade above $41,000 during Monday’s session.
Bitcoin
BTC price continued to hover above $41,000 on Monday, despite having ended last week, as market bulls still hold positions.
After hitting a low of $40,668.04 earlier in today’s session, BTC/USD rose to a high of $41,607.47 on Monday.
Although BTC is now trading near $41,379, it is down 0.45% from the high range of $42,200.
Bitcoin fell below its bottom of $40,580 in today’s session, its lowest level since last Friday, as markets prepare for the weekend.
Looking at the chart, there was a reversal in price momentum as BTC hit its long-term resistance point at $42,200, prompting the bears to re-enter the market.
Apart from this maximum, the 14-day RSI was also unable to move beyond its range of 55, and now sits at 51.5.
If this momentum holds, we could see bitcoin below $40,000 in the coming days.
Ethereum
Although BTC declined, ETH remained slightly higher as of writing, as the price continued to trade above the $2,900 level.
On Monday, ETH/USD hit an intraday high of $2,934.69 as prices bounced off a sell-off during Sunday’s session.
ETH price declined as the asset approached the $3,010 ceiling, which comes when traders have closed positions, leading to a turnaround, as seen earlier at this level.
Despite the reversal, there was enough bullish pressure in ETH to prevent the price from falling below $2,900, with ETH/USD now up over 14% over the past seven days.
This momentum is likely to gain further gains this week as it looks like the bulls are still present at this level.
Can we see a full ETH breakout above $3,000 this week? Give your thoughts in the comment below.
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