The cryptocurrency traded higher for the start of the month of February, as the markets forgot the red wave of January. At the time of writing, ETH is trading up around 10% while Bitcoin is up about 4% today.
Bitcoin
Bitcoin, which fell to $16,000 last month, has recently started to gain some steam, climbing over 11% over the past week.
This momentum continued into February, with BTC/USD reaching an intraday high of $39,026.79, the highest level since January 21.
Today’s move saw the 14-day RSI climb above the 40 resistance level, and is currently racking up 41, the highest price strength recorded in the past 20 days.
As a result of this rally, the price broke out of a longer-term descending triangle channel with many now anticipating an imminent rise to $40,000.
Looking at the chart above, although the RSI is moving above the 40 level, there appears to be significant resistance at current levels, which could potentially cause some bulls to tread cautiously.
BTC/USD could rise to $44,000 once the full stop is reached.
Ethereum
ETH was also higher to start the new month, and was one of the big movers within the top 10 ranked cryptocurrencies.
After hitting a low of $2,556.16 on Monday, ETH/USD rose to a high of $2,788.90 during today’s session, a 10-day high.
The move, which sees ETH trading around 10% higher, comes after it broke the $2,600 resistance level it had been in since January 21.
Similar to BTC, Ethereum is now approaching a point of uncertainty within the 14-day RSI, and this could act as a short-term hurdle for further gains in the price.
If this resistance is broken, how high can ETH go? Give your thoughts in the comment below.
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