Bitcoin, Ethereum Technical Analysis: ETH Remains Above $1,200, Despite Market Volatility Increasing
ETH has managed to remain above the $1,200 level on Tuesday, despite an increase in price uncertainty in crypto markets. BTC fell below $21,000 in today’s session, as the global crypto market cap fell by as much as 2% earlier today.
Following a marginally bearish start to the week, downward pressure intensified in today’s session, sending bitcoin slightly lower.
The world’s largest crypto token fell to an intraday low of $20,577 during Tuesday’s session, less than 24 hours after nearing $22,000.
Today’s decline comes following a rise of bearish sentiment, with traders seeing yesterday’s decision by bulls to secure gains as a sign of weakness.
BTC/USD – Daily Chart
As such, those looking for downward opportunities used that as a signal to re-enter the market, pushing prices marginally lower in the process.
One of the main catalysts for this change in sentiment is the 14-day RSI, which failed to break out of its key resistance level of 35.70 on Monday.
As of writing, BTC/USD is now trading at $21,011.48, however it’s still 1.03% lower than yesterday’s peak, and may not regain bullish momentum until this ceiling on the RSI is broken.
ETH managed to stay above $1,200 for the majority of today’s session, despite attempts from bears to send prices even lower.
Although ETH/USD dropped to an intraday low of $1,170.23 earlier in Tuesday’s session, bulls were able to move prices away from this floor.
As of writing, ETH is now trading at $1,226.05, which is slightly lower than yesterday’s high of $1,228.88.
ETH/USD – Daily Chart
Recent momentum has seen ethereum climb by as much as 7% within the last seven days, and has led to the 10-day moving average showing signs of possible further gains.
Should this short-term momentum continue in this trajectory, we will inevitably see an upwards cross.
This could be the catalyst that sends prices of the world’s second largest cryptocurrency back above the $1,300 level.
Could July be a month for bulls to regain momentum in crypto markets? Leave your thoughts in the comments below.
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