Bitcoin rose above $30,000 to start the week, with bearish sentiment marginally fading as we head into June. ETH also rallied on Monday, however the world’s second largest cryptocurrency continued to hover below $1,900.
Following almost five days trading below $30,000, BTC finally surged, with prices climbing to their highest point in over two weeks.
So far today, we have seen BTC/USD hit a high of $30,806.86, which is its highest level since May 16.
Today’s peak comes following three consecutive days of gains, which began near the recent support point of $28,800.
As a result of this bullish momentum, bitcoin broke out of its ceiling of $30,500, and as of writing is just marginally below this point.
Bulls who entered in the last few days are likely securing profits at this resistance point, which has often been a point of contention.
The 14-day RSI is also currently tracking at a multi-week high of 46, and may move higher until it finds the next ceiling at 49.
Ethereum also rose by almost 5% to start the week, however these gains were not enough to send prices over $2,000.
Following a low of $1,787.47 on Sunday, ETH/USD raced to an intraday high of $1,909.92 earlier today.
These gains came as bulls held the recent support point at $1,750, and pushed prices back towards the $1,950 former floor.
However, unlike bitcoin, where the RSI is still heading towards a ceiling, ETH has already found one, and this could potentially entice bears to re-enter.
Will ETH climb above $2,000 this week? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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