Ethereum rebounded on Saturday as the world’s second-largest cryptocurrency approached the $ 3,000 level. The market capitalization of the world’s cryptocurrencies was more than 4% higher at the time of writing, and Bitcoin rose nearly 3.5%.
Bitcoin
Bitcoin (BTC) surpassed $ 42,000 for the first time in 10 days to start the weekend as cryptocurrencies recovered following a week of volatility.
After the Federal Reserve’s rate hike, crypto prices traded with a high level of uncertainty, but Bitcoin’s bullishness reappeared as the market finally seemed to exceed this news.
As of this writing, BTC / USD has risen to a high of $ 42,195.74 to start the weekend, following a daytime low of $ 40,402.06 24 hours ago.
Today’s surge has seen the moving averages cross on the 10th (red) and 25th (blue), but the direction of the crossing remains questionable due to recent price uncertainties.
Looking at the chart, Bitcoin is currently below the long-term resistance level of $ 42,080. This is a point that hasn’t been successfully broken since February 28th.
In addition to this limit, the 14-day RSI will also be tracked at a resistance level of 55.4. If you go through both hurdles, many could target BTC for $ 45,000 points.
Ethereum
Ethereum (ETH) has risen to its highest level in more than two weeks on Saturday, with prices rising six times in a row.
Last week, Ethereum trading approached support primarily at $ 2,550, but the market has consistently moved away from this point since the turn of the week.
ETH / USD came just a stone’s throw from the 3K mark as prices peaked at $ 2,973.62 on Saturday.
The RSI index continues to overcome obstacles and is tracking highs for 6 weeks, so ETH is expected to be $ 3,000 before the end of today’s action.
However, this could be a bullish trap set by bears, as history also shows some market reversals occurring at this point.
Will Ethereum continue to rise above $ 3,000? Please leave your thoughts in the comments below.
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