Bitcoin

Bitcoin, Ethereum Technical Analysis: ETH Back Above $2,100, as BTC Rebounds From 1-Week Low

Ethereum moved back above $2,100 on Tuesday, as markets reacted to the latest gross domestic product (GDP) report from China. Chinese GDP rose by 4.5% during the first quarter of the year, higher than the 4% expected. Bitcoin rebounded from earlier losses.

Bitcoin

Bitcoin (BTC) rebounded from a one-week low on Tuesday, as markets reacted to the latest gross domestic product (GDP) report from China.

BTC/USD dropped to a low of $29,154.85 earlier in today’s session, before climbing to a peak of $29,944.78 as the day matured.

The low sent bitcoin to its lowest point since April 10, which is when price was last below $29,000.

Looking at the chart, the rebound has come as the 14-day relative strength index (RSI) bounced from a floor of 59.00.

Currently, price strength is tracking at the 61.91 mark, with the next visible ceiling at the 65.00 level.

BTC will likely be trading above $30,200 should the RSI reach this upcoming destination.

Ethereum

Ethereum (ETH) was back above the $2,100 level in today’s session, as the token remains near an eleven-month high.

Following a low of $2,057.65 to start the week, ETH/USD raced to an intraday high of $2,109.58 earlier in the day.

Today’s peak is marginally lower than Sunday’s high of $2,142, which is the strongest point that ethereum has hit since last May.

Similar to bitcoin, this rebound took place as the RSI jumped from its own support point at 68.00.

As of writing, the index is now at the 70.24 mark, with a resistance point at 75.00 a possible destination.

Should it hit the mark, there is a good chance that ethereum could move over $2,200.

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Do you expect that ethereum will surge in the coming days? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




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