After surging to a multi-week high over the weekend, Ethereum consolidated on Monday as market uncertainty mounted ahead of tomorrow’s merger. The token, which continues to trade above $1,700, fell from Sunday’s high as bulls are likely to liquidate earlier positions. Bitcoin remained higher, surging for the sixth consecutive month.
Bitcoin
Bitcoin (BTC) rose for a sixth straight session earlier in the week as sentiment in cryptocurrency markets remained mostly bullish.
BTC/USD surged to a high of $22,244.38 at the start of today’s session, less than 24 hours after trading at a low of $21,493.03.
In today’s rally, the token is up over 12% over the past seven days, with some expecting more gains this week.
BTC/USD daily chart
Looking at the chart, the recent bullish momentum has caused price strength to move towards overbought territory.
As of this writing, the 14-day Relative Strength Index (RSI) is currently trading at 59.67 and this follows a recent break above the 55.40 resistance point.
Furthermore, the 10-day moving average (red) is now on the cusp of a cross with its 25-day counterpart (blue), which could signal further price increases.
ether
Ahead of tomorrow’s merger, Ethereum (ETH) consolidated on Monday as traders braced for the event.
After peaking on Sunday at $1,782.73, ETH/USD fell to an intraday low of $1,721.63 today.
The decline comes as bulls are likely to have locked in earlier gains in anticipation of increased price volatility in the coming days.
ETH/USD daily chart
As of this writing, prices have recovered from the previous daily low, with ETH now trading at $1,751.34.
This comes as sentiment still remains bullish after a recent cross between the 10-day (red) and 25-day (blue) moving averages.
Overall, the target still seems to remain for traders at $1,800, which could be reached if the RSI surpasses its current ceiling of 60.00.
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Do you expect market sentiment to turn bearish this week? Leave your thoughts in the comments below.
Elijah Dambell
Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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