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.
Bitcoin
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.
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.
Ethereum
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.
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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer
