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Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,100 as BTC Briefly Hits $20K on Tuesday


news.bitcoin.com 05 July 2022 13:27, UTC
  
Reading time: ~2 m

BTC briefly rose back above $20,000 on Tuesday, as U.S. markets reopened following yesterday’s Independence Day holiday. Prices of ETH also surged, climbing over its $1,100 resistance level. Overall, the crypto market cap is trading 0.63% higher.

Bitcoin

On Tuesday, bitcoin rallied back above $20,000, as traders returned from the U.S. Independence Day celebrations.

In what has been a highly volatile trading session, BTC/USD rose to an intraday peak of $20,405.12 earlier in the day.

However, these gains were not sustained, with prices since moving to a low of $19,438.48, as bulls likely liquidated their positions.

BTC/USD – Daily Chart

As of writing, prices are now trading at $19,447.73, which is roughly around 1.13% lower than today’s high.

Looking at the chart, the drop comes as prices approached a short-term resistance point of $20,500.

Overall, volatility continues to be high, with bearish pressure remaining present, and bears likely looking to take price below $19,000 in upcoming sessions. 

Ethereum

ETH was also trading through turbulence on Tuesday, as prices moved above and below $1,100 over the course of the day.

After trading below $1,100 for the past few days, ETH/USD rose to a peak of $1,165.68 earlier in today’s session.

Unlike BTC, the world’s second largest token was mainly able to stay above this point, following previous highs.

ETH/USD – Daily Chart

Although earlier gains have somewhat eased, ETH is currently still trading above $1,100, with bulls looking to move past a key resistance level.

This ceiling is the $1,150 point, where some bulls exited, however with the 10-day moving average on the cusp of an upward cross with the 25-day MA, bullish sentiment remains.

Should this cross take place, the pressure will likely increase, sending prices not only above the resistance, but potentially over $1,200.


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