Ethereum climbed to a fresh one-week high on Thursday, as bulls kept price above a key resistance level. The move comes despite cryptocurrencies mostly consolidating in today’s session, following Wednesday’s rally. Bitcoin was marginally lower, retreating from recent gains.
Bitcoin edged marginally lower on Thursday, as crypto markets consolidated, following strong gains the day prior.
BTC/USD dropped to an intraday low of $26,111.46, less than 24 hours after nearing a breakout above the $27,000 level.
Overall, it appears that traders have opted to secure gains, abandoning their positions as markets neared a point of uncertainty.
Looking at the chart, this area appears to be 51.00 on the 14-day relative strength index (RSI).
As of writing, price strength is tracking at the 49.64 level, with bitcoin now trading at $26,481.46.
Should bulls navigate a surge beyond this point, there is a good chance that price could move back above $27,000.
Ethereum (ETH) peaked at a one-week high earlier in the day, as price remained above a key level of resistance.
After trading at a low of $1,585.37 on Wednesday, ETH/USD raced to an intraday peak at $1,635.46 during today’s session.
As a result of the move, ethereum hit its highest point since September 20, when price reached a high of $1,649.
This surge comes as the RSI continued to track above a ceiling at the 48.00 mark.
The 10-day (red) moving average also now appears to be nearing its 25-day (blue) counterpart, which is another sign of pending bullish sentiment.
An upward crossover will likely result in ethereum moving above $1,700.
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Do you expect ethereum to consolidate in the coming days? Leave your thoughts in the comments below.
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