On Thursday, Ethereum rose to a new one-week high as bulls managed to keep the price above a crucial resistance level. The move occurs despite the fact that cryptocurrency prices generally stabilized today after rising on Wednesday. Having recently gained, bitcoin was slightly lower.
Bitcoin
Following significant increases the previous day, the price of bitcoin slightly declined on Thursday as the cryptocurrency markets stabilized.
Less than 24 hours after being on the verge of breaking through the $27,000 barrier, BTC/USD fell to an intraday low of $26,111.46.
Overall, it seems that traders chose to lock in profits by exiting their positions as the markets drew closer to a point of uncertainty.
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| BTC/USD--Daily Chart |
This region appears to be 51.00 on the 14-day relative strength index (RSI) according to the chart.
With bitcoin currently trading at $26,481.46, price strength is tracking at a level of 49.64 as of this writing.
There is a significant likelihood that the price might rise back beyond $27,000 should bulls manage a surge past this level.
Ethereum
Early in the day, Ethereum (ETH) reached a one-week high as long as the price held above a crucial point of resistance.
ETH/USD surged to an intraday high of $1,635.46 during today's session after trading at a low of $1,585.37 on Wednesday.
Due to the action, ethereum's price rose to its highest level since September 20, when it peaked at $1,649.
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| ETH/USD--Daily Chart |
This increase happened as the RSI kept moving above the 48.00 ceiling.
Another indication of impending bullish mood is the fact that the 10-day (red) moving average currently appears to be approaching its 25-day (blue) counterpart.
In the event of an upward crossover, ethereum is likely to move above $1,700.
Do you see a consolidation of ethereum in the near future? Post your opinions in the section below.