After a weekend of mostly negative bitcoin trading, prices rallied earlier in the week. BTC was back above $30,000 on Monday while ETH climbed over 5%.

Bitcoin

The world’s largest cryptocurrency traded higher on Monday as prices surged above $30,000 again.

After hitting a low of $29,574.45 on Sunday, BTC/USD rallied to a high of $31,342.18 earlier in today’s session.

This move comes after holding the $29,500 provisional support level over the weekend, with the bulls using this as a re-entry point.

BTC/USD daily chart

Looking at the chart, prices have moved from this short-term support to breaking out of the resistance at $30,600.

Overall, BTC is now trading at a six-day high and many are now hoping for prices to climb above the next hurdle, the $32,500 point.

As of this writing, the 14-day RSI is trading at its highest level since April 6, which is also a resistance point and if it does not break we could see today’s gains easing as the week progresses.

ether

ETH also recovered earlier in the week. However, prices continue to trade below $2,000 after last week’s sell-off.

Last week, ETH/USD fell below $2,000, hitting a low of $1,742 in the process, but since then it has been stringing multiple winning sessions in a row.

As of this writing, ETH has surged to an intraday high of $1,903.99, which follows a low of $1,777.13 the previous day.

ETH/USD daily chart

The move comes as the 14-day RSI has slightly broken its recent ceiling of 43.70 and is trading at 44.30 at the time of writing.

If the price strength continues to increase, the bulls are likely to run to the next resistance point at $1,950.

While it has not happened yet, there is still potential for a moving average upcross and this could be the catalyst that pushes prices back above $2,000.

Do you expect ETH to climb back above $2,000 this week? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings an eclectic perspective to market analysis, having worked as a broker director, retail educator, and market commentator for crypto, stocks, and forex.




photo credit: Shutterstock, Pixabay, WikiCommons

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