Javier Hernandez Bitcoin experienced a significant rise, surpassing $27,000 after two weeks, as the price broke through a crucial resistance level on Tuesday. Bullish sentiment is gradually returning to the market following a recent period of weakness. Meanwhile, Ethereum maintained its position above $1,700 during the current session.
Bitcoin
On Tuesday, Bitcoin reached a two-week high, accompanied by a gradual resurgence of bullish sentiment in the market.
After starting the week with a low of $26,338.54, BTC/USD climbed to an intraday high of $27,147.47.
This surge brought Bitcoin to its highest point since June 7 when it peaked at $27,402.
BTC/USD – Daily Chart
Based on the chart, today’s rally coincided with the relative strength index (RSI) breaking through its own resistance level at the 50.00 mark.
At the time of writing, the RSI stands at 51.71, with the next visible resistance level at 57.00.
If the bulls manage to push the index to this level, it is highly likely that BTC will exceed $27,500.
Ethereum
Ethereum (ETH) showed a slight increase in today’s session, with its price hovering close to a recent support level.
ETH/USD reached an intraday peak of $1,748.64 earlier in the day before retracing to a lower point within 24 hours, after rising from a support floor at $1,705.81.
Following this peak, Ethereum retreated to a support level at $1,725, where it has consolidated for the past four days.
ETH/USD – Daily Chart
Analyzing the chart, this retreat coincided with the RSI encountering its own resistance level at the 44.00 mark.
Currently, the index sits at 42.21 and appears to be heading towards a lower support level at 40.00.
If the strength falls below that threshold, there is a strong possibility that ETH will decline below $1,700 in the upcoming days.
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