Technical Analysis of Bitcoin and Ethereum: ETH Recaptures a New 1-Month High

Ethereum recovered to reclaim the $3,000 mark during Thursday’s session, soaring to a new one-month high in the process. This comes after BTC reclaimed the $43,000 level, setting a new 20-day high in the process.

Bitcoin

BTC reached its highest level since March 3 on Thursday, as the world’s largest cryptocurrency’s values increased for a third straight day.

Following a low of $41,812 on Wednesday, BTC/USD rebounded to a session high of $43,231.29 on Thursday.

This is bitcoin’s highest price in 21 days and follows a breach of the $42,500 resistance level.

BTC’s recent bullish momentum has occurred as traders appear to have overcome market concern in the aftermath of Biden’s executive order, as well as the Fed rate decision.

If the rising trend continues, bulls may target the $45,050 barrier level.

However, one potential impediment to this is the approaching 61.65 cap on the 14-day RSI indicator.

Ethereum

Ethereum’s price decline from yesterday did not continue over to Thursday, as ETH once again surpassed the $3,000 mark.

During today’s session, Ethereum reached an intraday high of $3,067.99, the highest level since February 17.

This five-week high comes as the 14-day Relative Strength Index (RSI) saw its February 9 high of 59.73 breached for the first time since February 9.

According to the chart, if this bullish strength continues, the next target for bulls in terms of profit taking might be $3,260.

However, with prices being overbought in relative terms, some bears may view this as an advantageous opportunity to enter the market.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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