Bitcoin was higher for a second consecutive session, as the world’s largest cryptocurrency was pushing towards the $40,000 level. Ethereum also rallied, as it moved away from its three-week low.
Bitcoin
Bearish pressure seems to have eased in BTC, as bulls were firmly present to start Wednesday’s trading session.
Following a low below $36,400 yesterday, BTC/USD hit an intraday high of $38,917.27 earlier in today’s session.
The move sees bitcoin edge closer to the key $40,000 level, which it broke below on Monday, following rising tensions with Ukraine and Russia.
Looking at the chart, the 14-day RSI has also gained, and now sits at 43.73, which is marginally below resistance of 44.74.
Bulls hoping that BTC enters the $40,000 level will likely wait to see if the momentum of the last two days extends. If so, they could look to boost price strength even further.
We may now see some tentative action around the current level, until a clear break of this ceiling takes place.
Ethereum
ETH also moved higher, as the world’s second largest cryptocurrency rallied away from recent lows.
As of writing, ETH/USD is up close to 3%, after rising to an intraday high of $2,741.30, which is its highest level since Monday.
Price strength also climbed, with the 14-day RSI breaking beyond its own resistance point at 40, currently tracking at 43.35.
Despite the climb, there is another ceiling close by, with the 44.42 level seen as a major hurdle, due to the level of bears which have lived there in the past.
Markets now wait to see if history will repeat itself, or if we will have a breakout, and potentially head towards $3,000.
Could these gains extend heading into the latter part of the week? Leave your thoughts in the comments below.