After rallying to multi-week highs over the weekend, ethereum consolidated on Monday, as market uncertainty increased ahead of tomorrow’s Consolidation. The token, which continues to trade above $1,700, has fallen from Sunday’s high, as bulls may have liquidated previous positions. Bitcoin remains higher, gaining for the sixth straight session.
Bitcoin (BTC) rallied for a sixth straight session to start the week, as sentiment in the crypto market remains mostly bullish.
BTC/USD rallied to a high of $22,244.38 earlier in today’s trading session, less than 24 hours after trading as low as $21,493.03.
Today’s rally shows that the token has now gained more than 12% over the past seven days, with some expected to increase further this week.
Looking at the chart, the recent bullish momentum has led to price strength heading into the overbought zone.
As of writing, the 14-day relative strength index (RSI) is currently tracking at 59.67 and this comes after the recent break of the 55.40 resistance point.
Additionally, the 10-day moving average (red) is currently at the peak of a crossover with the 25-day moving average (in blue), which could signal further upside.
Before the Consolidation starts tomorrow, ethereum (ETH) consolidating on Monday as traders prepare for the event.
Followed by Sunday’s high of $1,782.73, ETH/USD fell to an intraday low of $1,721.63 earlier today.
The drop comes as the bulls are likely to post gains earlier, in anticipation of increased price volatility in the coming days.
As written, the price has recovered from the previous low of the day, with ETH currently trading at $1,751.34.
This comes as sentiment remains upbeat, following the recent crossover between the 10-day (red) and 25-day (blue) moving averages.
Overall, it looks like the target for traders remains at $1,800, which could come if the RSI breaks through the current ceiling of 60.00.
Sign up for your email here to receive weekly price analysis updates delivered to your inbox:
Do you expect market sentiment to drop this week? Leave your thoughts in the comments below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This newspaper only gives true information. It is not a direct offer or solicitation to buy or sell, or a recommendation or endorsement for any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or materials. goods or services mentioned in this article.