Monday, November 28, 2022

Bitcoin, Ethereum Technical Analysis: ETH Breaks Resistance to Hit 9-Day High – Market Updates Bitcoin News

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Bitcoin and ETH both rose to nine-day highs on Wednesday, as bulls continued to push prices higher following yesterday’s rebound. BTC moved into the $42,000 level after breaking a key resistance point, while ETH also climbed beyond its own ceiling of $3,150.

Bitcoin

BTC rose for a third session on Wednesday, as bulls continued to push prices higher, following a selloff during the Easter weekend.

The world’s largest cryptocurrency is now up by over $3,000 since Monday’s low of $38,551, and as of writing, is over 3% higher on the day.

Today’s price surge raced to an intraday peak of $42,126.30, which is its highest point since April 11.

BTC/USD – Daily Chart

This follows on from yesterday’s bottom of $40,575, and comes as the long-term resistance of $41,175 was broken.

Looking at the chart, the 10-day moving average has begun to shift direction, following a recent downward trend.

If this momentum has finally shifted, we could start to see more and more bulls return, and potentially push price towards the upcoming resistance of $42,600.

Ethereum

In addition to BTC, ethereum also gained for a third consecutive session, as price continues to move away from the recent support of $2,950.

Following a low of $3,054.56 on Tuesday, ETH/USD surged to an intraday high of $3,157.89 during today’s session.

This high saw the world’s second-largest cryptocurrency move past its recent price ceiling of $3,150, hitting its highest level since last Monday as a result.

ETH/USD – Daily Chart

Looking at the chart, resistance of 49.90 within the Relative Strength Index (RSI) was also broken, with price strength now tracking at a ten-day high.

Price strength is now tracking at 51, with bulls looking to potentially take this to the ceiling of 55, which could turn out to be a two-week high.

If this were to occur, it is likely that we will see ETH/USD trading at $3,300.

Can ETH hit this resistance prior to the end of the week? Leave your thoughts in the comments below.

eliman@bitcoin.com'
Eliman Dambell

Eliman brings a diversified 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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