Bitcoin, Ethereum Technical Analysis: BTC Extends Gains, ETH Consolidates Ahead of The Merge

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After rising to a multi-week high over the weekend, Ethereum consolidated on Monday as market uncertainty increased ahead of yesterday’s merge. The coin, which continues to trade above $1,700, declined from Sunday’s high as bulls liquidated previous positions. Bitcoin continues higher, rising for sixth consecutive session.

Bitcoin

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bitcoin (B T c) rose for the sixth consecutive session at the start of the week, as sentiment in the cryptocurrency markets remained mostly bullish.

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B T c/USD rose to a high of $22,244.38 in today’s session, less than 24 hours after trading as low as $21,493.03.

The coin is now up over 12% over the past seven days in today’s rally, with some expecting further gains this week.

Bitcoin, Ethereum Technical Analysis: BTC Adds Gains, ETH Consolidates Ahead of Merger
B T c/ USD – Daily chart
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Looking at the chart, the recent bullish momentum has shifted the price strength towards the overbought zone.

At the time of writing, the 14-day Relative Strength Index (RSI) is currently tracking at 59.67, following a recent breakout of the 55.40 resistance point.

Furthermore, the 10-day (red) moving average is now at the cusp of a cross with its 25-day (blue) counterpart, which could indicate a further move in the price.


Ethereum

Prior to the start of yesterday’s merger, Ethereum (ETH) consolidated on Monday as traders prepared for the event.

After Sunday’s peak of $1,782.73, ETH/USD fell to an intraday low of $1,721.63 earlier today.

In anticipation of an increased level of price volatility in the coming days, the bulls have declined as the first gains are likely.

Bitcoin, Ethereum Technical Analysis: BTC Adds Gains, ETH Consolidates Ahead of Merger
ETH/ USD – Daily chart

As of writing, the price has recovered from the previous low of the day, in which ETH Now trading at $1,751.34.

After the recent cross between the 10-day (red) and 25-day (blue) moving averages, sentiment remains bullish.

Overall, it appears that the target for traders is still $1,800, which could come when the RSI crosses its current range of 60.00.

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Do you think the market sentiment will turn bearish this week? Give your thoughts in the comment below.

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Credit : news.bitcoin.com

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