{"id":19477,"date":"2023-04-04T13:21:20","date_gmt":"2023-04-04T13:21:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-hits-8-month-high-as-btc-nears-key-resistance-level-market-updates-bitcoin-news\/"},"modified":"2023-04-04T13:21:20","modified_gmt":"2023-04-04T13:21:20","slug":"eth-hits-8-month-high-as-btc-nears-key-resistance-level-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-hits-8-month-high-as-btc-nears-key-resistance-level-market-updates-bitcoin-news\/","title":{"rendered":"ETH Hits 8-Month High, as BTC Nears Key Resistance Level \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ethereum surged to an eight-month high on Tuesday, as bulls began to gradually return to cryptocurrency markets. As the session matured, the global market cap moved higher, and is up by 1.27% at the time of writing. Bitcoin moved closer to a key resistance level at $28,500.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) continued to trade close to a key resistance level on Tuesday, as volatility in the market remained high.<\/p>\n

BTC<\/a>\/USD rose to a peak of $28,433.74 earlier in today\u2019s session, which follows up from a low of $27,276.72 on Monday.<\/p>\n

As a result of today\u2019s surge, bitcoin moved near its recent price ceiling of $28,500, however bulls were not able to reach this point.<\/p>\n

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BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, this seems to be due to the fact that the relative strength index (RSI) continued to hover near a floor at 60.<\/p>\n

As of writing, the index is tracking at 61.00, with the next visible ceiling of 65.00 a possible target for buyers.<\/p>\n

Should this level be reached, there is a strong possibility that BTC<\/a> will be trading above $28,500.<\/p>\n

Ethereum<\/h2>\n

On the other hand, ethereum (ETH<\/a>) was mostly higher in today\u2019s session, as bullish sentiment made an unexpected return.<\/p>\n

Following a low of $1,771.15 to start the week, ETH<\/a>\/USD climbed to an intraday high of $1,871.35 on Tuesday.<\/p>\n

Tuesday\u2019s rally saw bulls push ethereum back to its strongest point since August 17, when price hit a peak of $1,957.<\/p>\n

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ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

One of the catalysts for today\u2019s surge appears to be a breakout at the 61.50 zone on the RSI indicator.<\/p>\n

Currently, price strength is tracking at 62.54, with an upcoming ceiling at 65.00 a possible destination for bulls.<\/p>\n

Should this point be hit, there is a good chance ETH<\/a> will be trading at $1,900.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect ethereum to move to $1,900 this week? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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