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