After rising to a multi-week excessive over the weekend, ethereum consolidated on Monday, as market uncertainty elevated forward of tomorrow’s Merge. The token, which continues to commerce above $1,700, fell from Sunday’s excessive, as bulls probably liquidated earlier positions. Bitcoin remained greater, rising for a sixth straight session.
Bitcoin (BTC) rose for a sixth straight session to begin the week, as sentiment in cryptocurrency markets remained largely bullish.
BTC/USD rose to a excessive of $22,244.38 earlier in in the present day’s session, lower than 24 hours after buying and selling at a low of $21,493.03.
At the moment’s rally sees the token now up by over 12% within the final seven days, with some anticipating additional surges this week.
Wanting on the chart, the current bullish momentum has led to cost energy shifting in the direction of overbought territory.
As of writing, the 14-day relative energy index (RSI) is at present monitoring at 59.67, and this comes following a current breakout of the 55.40 resistance level.
Along with this, the 10-day (purple) shifting common is now on the cusp of a cross with its 25-day (blue) counterpart, which may sign additional surges in worth.
Forward of the beginning of tomorrow’s Merge, ethereum (ETH) consolidated on Monday as merchants ready for the occasion.
Following Sunday’s peak of $1,782.73, ETH/USD dropped to an intraday low of $1,721.63 earlier in the present day.
The decline comes as bulls probably secured earlier positive factors, in anticipation of elevated ranges of worth volatility over the approaching days.
As of writing, costs have rebounded from the earlier low of the day, with ETH now buying and selling at $1,751.34.
This comes as sentiment nonetheless stays bullish, following a current cross between the 10-day (purple), and 25-day (blue) shifting averages.
General, it seems that the goal for merchants nonetheless stays $1,800, which may come if the RSI strikes previous its present ceiling of 60.00.
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