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Bitcoin continued to hover across the $23,000 degree on Jan. 23, as bullish sentiment remained excessive in markets. Over the weekend the world’s largest cryptocurrency rose to its strongest degree since August, with bulls shifting to consolidate these good points. Ethereum additionally traded within the inexperienced at the moment, remaining above $1,600 within the course of.
Bitcoin
Bitcoin (BTC) continued to commerce close to a five-month excessive to start out the week, as sentiment in crypto markets remained bullish.
Following a low of $22,387.90 on Sunday, BTC/USD hit an intraday peak of $23,056.73 earlier in at the moment’s session.
On Saturday, BTC rose to a excessive of $23,375, which was its strongest level since August 18, and it seems as if bulls are hoping to recapture this level.
With a view to obtain this, the 14-day relative energy index (RSI) will possible want to maneuver again in direction of a ceiling at 91.00.
At the moment, the index is on the 85.26 degree, which is already overbought, and this might result in some opting to safe good points and abandon earlier positions.
As of writing, BTC is buying and selling at $22,876.55, which is marginally increased than Sunday’s peak.
Ethereum
Ethereum (ETH) additionally seemed to be consolidating the weekend’s good points, with costs remaining above the $1,600 mark.
On Monday, ETH/USD has to date risen to a peak of $1,658.02, which is comparatively near Saturday’s four-month excessive at $1,680.
Immediately’s peak comes because the world’s second largest cryptocurrency rebounded from a flooring across the $1,610 mark.
Trying on the chart, the rebound passed off following a failed breakout of a assist level of 75.00 on the RSI indicator.
As of writing, the indicator is monitoring at 75.23, with the subsequent seen resistance degree at 80.00 zone.
ETH bulls will possible be nonetheless concentrating on a transfer above $1,700, and for this to happen, the 80.00 mark should first be overcome.
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May ethereum climb above $1,700 this week, regardless of costs being overbought? Depart your ideas within the feedback under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
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