After a multi-week high over the weekend, ethereum rallied on Monday as market volatility increased ahead of tomorrow’s consolidation. The token, which continues to trade above $1,700, has fallen from Sunday’s high. Bitcoin remains higher, rising for a sixth consecutive session.
Bitcoin
Bitcoin (BTC) rose for the sixth straight session to start the week, with sentiment in cryptocurrency markets remaining largely bullish.
BTC/USD traded at a low of $21,493.03 in less than 24 hours, and earlier peaked at $22,244.38.
Today’s rally sees the token now up more than 12 percent over the past seven days, with some expecting more gains this week.
Looking at the chart, recent bullish momentum has shifted price strength into overbought territory.
As of writing, the 14-day Relative Strength Index (RSI) is currently tracking at 59.67, and this comes after a recent breakout of the 55.40 resistance point.
In addition, the 10-day (red) moving average is now at the top of the cross with its 25-day (blue) counterpart, which may indicate a bullish trend.
Ethereum
Ethereum (ETH) rallied on Monday as traders prepared for the event ahead of tomorrow’s consolidation.
Following Sunday’s high of $1,782.73, ETH/USD fell to a low of $1,721.63 earlier today.
The decline comes as bulls retrace their earlier gains, with levels of price volatility likely to increase in the coming days.
As of writing, prices have rebounded from the previous day’s low, with ETH now trading at $1,751.34.
This comes as sentiment remains bullish following a recent cross between the 10-day (red) and 25-day (blue) moving averages.
Overall, traders’ target still seems to remain at $1,800, which is likely to come if the RSI crosses the current ceiling of 60.00.
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