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Bitcoin, Ethereum Technical Analysis: BTC and ETH Consolidate after Monday’s Surge

Crypto markets were marginally consolidated on Tuesday after yesterday’s price surge that saw bitcoin and ethereum rally to multi-week highs. BTC climbed to $45,000, with ETH moving to $3,200.

Bitcoin

Bitcoin prices were marginally below yesterday’s high, as profit takers look to have closed some of their positions.

BTC/USD rose to an intraday high of $45,293. 87 during Monday’s session, however it’s tracking close to $43,354. 61 today.

Yesterday’s move, which now looks like a false break, moved beyond its recent resistance of $43,770, en route to its highest point since January 5.

The moving averages of 10-days (red) and 25 days (blue) have crossed over on the upside, which many believe shows that the momentum may continue to surge until a true resistance is found.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate After Monday’s Surge
BTC/USD – Daily Chart

Should we see another swing, many could see this resistance as being close to the $50,000 level, which hasn’t been hit since late December.

As of writing, prices have continued to fall, with a doji being formed in today’s chart.

Ethereum

Following an intraday high of $3,219. 47 on Monday, which was a three-week high, ETH was also consolidating during today’s session.

As of writing, ETH/USD fell to a low of $3,062. 51 on Tuesday, as bulls liquidated positions in the world’s second largest cryptocurrency.

Ethereum now sits marginally above its old resistance level at $3,022, which seems to be forming a new floor.

The 14-day RSI has also dropped below its resistance level of 56, and is currently tracking around 54.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate After Monday’s Surge
ETH/USD – Daily Chart

Similar to BTC, moving averages have also experienced an upside cross, which may give long-term bulls the confidence to maintain positions, despite the current short-term volatility.

Will another ETH rally come this week? Please leave your comments below.

eliman@bitcoin.com'

Eliman Dambell

Eliman has a broad perspective on market analysis. He is a former brokerage director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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