by Eliman Dambell
Following a weekend which saw bitcoin trading mainly in the red, prices rebounded to start the week. BTC was once again above $30,000 on Monday, while ETH climbed by over 5%.
The world’s largest cryptocurrency was trading higher on Monday, as prices once again rose above the $30,000 level.
Following a low of $29,574.45 on Sunday, BTC/USD rallied to a peak of $31,342.18 earlier in today’s session.
This move comes after the interim support level of $29,500 held firm over the weekend, with bulls using this as a point of re-entry.
Looking at the chart, prices have gone from this short-term support, to now breaking out of resistance at $30,600.
Overall, BTC is now trading at a six-day high, with many now hoping to see prices climb above the next hurdle, which is the $32,500 point.
As of writing, the 14-day RSI is trading at its highest level since April 6, which is also a resistance point, and unless broken, we may see today’s gains ease as the week progresses.
ETH also rebounded to start the week. However, prices continue to trade below $2,000 following last week’s sell-off.
Last week saw ETH/USD fall below $2,000, hitting a low of $1,742 in the process, but it has since strung together back-to-back sessions of gains.
As of writing, ETH has risen to an intraday peak of $1,903.99, which comes following a bottom of $1,777.13 the day prior.
The move comes as the 14-day RSI has marginally broken out of its recent ceiling at 43.70, and is trading at 44.30 as of writing.
Should price strength continue to increase, then we will likely see bulls making a run for the next resistance point at $1,950.
Although it has not yet occurred, the potential for an upwards cross of moving averages still exists, and this could be the catalyst that takes prices back above $2,000.
Do you expect ETH to climb back above $2,000 this week? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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