Technical Analysis of Bitcoin and Ethereum: Bulls Return to Crypto Markets, BTC Back Above $20,000

September 26, 2022

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After a rough start to the week, bitcoin returned to green on Tuesday as the token rallied above $ 20,000. This move pushed prices to their highest point in nearly two weeks, breaking through a key resistance level in the process. Ethereum was also trading higher approaching the $ 1,400 level. Bitcoin (BTC) got closer to the two-week high on Tuesday as the token recovered from a recent bearish period.

After hitting a bottom of $ 19.06.11 earlier in the week, BTC / USD rallied to an intraday high of $ 20,294.34 on Tuesday. This is the highest point traded by the token since September 14 and is slightly above a resistance level of USD 20,250. Bitcoin and Ethereum Technical Analysis: BTC Returns Above $ 20,000 as Bulls Return to Cryptocurrency Markets. At the time of writing, BTC is still trading slightly above this ceiling, with the 14-day Relative Strength Index (RSI) remaining above a similar threshold. Currently, the index stands at 52.72, which is above its resistance level of 49.00. If the price strength continues to rise, we could see BTC back above $ 21,000 in the next few days.

Ethereum (ETH) was also trading higher on Tuesday, with the world’s second largest cryptocurrency returning to the $ 1,400 level. ETH/USD hit a high of $1,395.31 earlier today, which is the highest point the token has seen in the past five days. The move came after a break above recent resistance at $1,335, with the RSI also breaking above its own high. Bitcoin, Ethereum technical analysis: BTC pulls back above $20,000 as bulls return to crypto market. In this case, it was the 39.50 point that had been a major stumbling block to last week’s gains.

As of this writing, the index is hovering around 45.00, which is another point of resistance, but the bulls have held their positions so far despite the heightened uncertainty. Many expect Ethereum to break above $1,400 at some point in today’s session, with $1,410 as a possible exit point.

Read more: Dogecoin (DOGE) Has Been Increasing This Month Despite the Failure of the Twitter-Musk Deal

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