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