HomeMARKET NEWSBitcoin eyes next resistance while Ethereum gains 6%

Bitcoin eyes next resistance while Ethereum gains 6%


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Bitcoin was priced at $38,824.27 after moving up by 1.5% over the last 24 hours. Ethereum stood at $2800 as the coin registered 6% appreciation at the time of writing. Continued push from the bulls could cause Bitcoin to soon topple over the $40k mark. Ethereum’s immediate resistance stood at $3097.36.

The global cryptocurrency market cap today is $1.85 Trillion, a 3.7% change in the last 24 hours. Both Bitcoin and Ethereum also registered considerable buying pressure at press time, with ETH almost hovering near the overbought mark.

Price Analysis: ETH/USD Four Hour Chart

Ethereum was trading at $2800.01 with overhead resistance at $3097.36. In the past week, Ethereum was seen trading between $2530.66 and $2795.73. At press time however, the coin broke past that resistance mark. Price of Ethereum was seen above the 20-SMA line, which meant that buyers were in charge of driving price momentum in the market.

The Relative Strength Index was see approaching the 80-mark, which meant that the asset would soon be overbrought and overvalue. This marked a milestone for the coin a RSI last hovered around this area in the month of December.

On Balance Volume moved up, which meant that buyers are dominant in the market. It also indicated that volume inflow was higher than volume outflow.

Price Analysis: BTC/USD Four Hour

Bitcoin was targeting the $40k mark as the coin was seen priced at $38,824.27. Technicals were quite optimistic at the time of writing, price of Bitcoin also was seen above the 20-SMA line. Bitcoin’s price momentum was driven by buyers in the market at the time of writing.

MACD underwent a bullish crossover and the indicator displayed green signal bars. MACD’s green signal bars indicate a buy signal for the coin. The Relative Strength Index corresponded with the same reading and displayed a rise in the number of buyers as the indicator was placed above the half-line.

A flip from this level, will cause the asset to trade near the $35,800.59 and then at $33,675.48.

Priya is a freelance journalist at BinBits. She has an experience of over two years as a cryptocurrency and blockchain technology journalist. She is an avid reader and has a passion for Japanese culture and art.

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