Bitcoin consolidated below the $24,000 level on February 27, as cryptocurrency markets braced for a big week of economic data. US Durable Goods Orders will be released later today, with Consumer Confidence figures set for Tuesday. Ethereum rallied back above $1,600, following a breakout on Sunday.
Bitcoin
bitcoin (BTC) has largely consolidated in today’s session as markets prepare for a big week of US economic activity data.
After a minimum of $23,165.23 on Sunday, BTC/USD rose to an intraday high of $23,654.37 earlier in today’s session.
The move comes as bitcoin bulls continued to rise, following a break of the $23,000 level on Saturday.
Since hitting the high for the day, prices have eased a bit, with the world’s largest cryptocurrency currently trading at $23,408.54.
This appears to occur when the 14-day RSI failed to break out of a resistance level of 53.00.
At time of writing, the index is currently at a reading of 51.95, with the next visible point of support at 50.00.
Ethereal
ethereal (ETH), on the other hand, has been predominantly bullish at the start of the week, with prices rising back above $1,600.
ETH/USD, which fell to a low of $1,597.21 on Sunday, rose to a high of $1,645.91 earlier in the day.
Prices have been mostly up in recent days, after dipping to a low of $1,557 to start the weekend.
As with bitcoin, previous gains have eased as the RSI hit a wall at the 54.00 mark.
Since this collision, price strength has subsided, with the RSI now tracking at 53.04, and ETH trading at $1,638.06.
Ought ETH The bulls intend to take the price back to the $1,700 mark, the first step in this journey would be to break above the 54.00 ceiling.
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Could Ethereum rally above $1,700 in the coming days? Leave your thoughts in the comments below.
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