Ethereum mainly consolidated during the session on Tuesday, as prices continued to trade near recent highs. Following a move to a three-week high to start the week, markets held bullish sentiment earlier in the day. Bitcoin also maintained recent momentum, with the coin staying near its top at $17,400.
Bitcoin
bitcoin (BTC) continued to trade near the $17,200 level in the session today, as traders moved in to lock in gains on Monday.
After a minimum of $17,162.99 to start the week, BTC/USD reached a high of $17,389.96 earlier in the day.
However, previous gains have since declined, with the world’s largest cryptocurrency currently trading at $17,271.27.
Looking at the chart, today’s price consolidation came as the 14-day RSI continued to hover near key resistance at the 60.00 mark.
Despite the index currently remaining above this point at 60.89, price uncertainty has increased, leading to previous bulls exiting positions.
Once again, traders may try to move beyond a price top of $17,400, however this may occur later in the week after the US inflation data is released.
Ethereal
ethereal (ETH) also moved into consolidation on Tuesday, as prices failed to break out of a key resistance point of $1,350 on Monday.
Earlier in today’s session, ETH/USD moved to a high of $1,342.14, before falling to a low of $1,317.24.
As with bitcoin, today’s consolidation in ethereum comes as traders opted to take profits, after the coin surged to a multi-week high yesterday.
As can be seen on the chart, yesterday’s gain pushed ETH in overbought territory, leading to a slowdown in bullish momentum.
Currently, the RSI is at 68.08, which is its strongest point since late October, and near a ceiling of 70.00.
For bullish momentum to extend recent gains, it will first need to break above this ceiling.
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