Bitcoin was hovering close to $25,000 on Feb. 20, as cryptocurrency markets traded close to recent highs. Markets started the week partially in the green, ahead of a key week of economic data. The United States FOMC (Federal Open Market Committee) will release its latest minutes on Wednesday, followed by U.S. gross domestic product data on Thursday. Ethereum continues to trade above $1,700 today.
Bitcoin
Bitcoin (BTC) remained close to the $25,000 level to start the week, as market sentiment shifted towards bulls.
Following a high of $25,093.06 on Sunday, BTC/USD is currently trading at $24,909.03 at the time of writing.
Monday’s move comes as prices bounced from a recent support point at $24,200, and now appear to be on course for a ceiling $1,000 away.
BTC/USD – Daily Chart
Overall, the catalyst of this surge appears to be the 10-day (red) moving average, which crossed its 25-day (blue) counterpart over the weekend, in a move known as a “death cross.”
In addition to this, the relative strength index (RSI) once again moved beyond a resistance point at 64.00.
As of writing, the index is currently tracking at 65.88, which is marginally below a hurdle at 66.00, and this could be a reason why BTC has fallen from earlier highs.
Ethereum
Ethereum (ETH) has mostly traded higher in the past 24 hours, with prices remaining above $1,700.
ETH/USD moved to a peak of $1,718.95 earlier in the day, which comes after falling to a low of $1,659.30 on Sunday.
Like with bitcoin, the gain took place as prices bounced from a recent floor — on this occasion the $1,675 mark.
ETH/USD – Daily Chart
An upwards crossover of moving averages has also occurred in today’s session, which is usually a sign of a change in market momentum.
Should this be the case, then there is a strong possibility that ethereum bulls could target $1,800, which hasn’t been hit since September.
In order to potentially move towards this level, an upcoming hurdle of 67.00 on the RSI indicator must first be overcome.
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Could ethereum hit $1,800 before the end of the week? Leave your thoughts in the comments below.
Eliman Dambell
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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