Bitcoin was trading higher for the second consecutive session on Tuesday, which is the first time it has seen consecutive gains in more than two weeks. ETH was also higher in today’s session as the bulls continued to re-enter the market.
BTC was trading higher for the second session in a row on Tuesday as the markets continued to pull away from recent lows.
Prices hit an intraday high of $21,387.65 earlier in today’s session, less than a day after trading as low as $19,905.48.
Today’s price surge sees BTC/USD rise in back-to-back sessions for the first time since the beginning of the month.
The bulls have re-entered the market with relative strength in recent sessions as some believe we may have seen prices bottom out.
Looking at the chart, there may still be more bottoms ahead, especially if the 14-day RSI pulls back towards its recent low of 19.
This could push the price of BTC closer to $15,000, however, the bulls are likely to fight to prevent this from happening.
Ethereum also rose on Tuesday as it also rallied for the second session in a row after recent lows.
The world’s second largest cryptocurrency surged to an intraday high of $1,168.80 earlier, and this came as prices broke above $1,000 again on Monday.
Tuesday’s spike is almost $300 higher than last weekend’s lows, in which ETH traded near $850 for the first time since January 2021.
At time of writing, ETH/USD is now trading near a new resistance level around $1,170, with the RSI also near a top.
Price strength remains somewhat subdued despite these gains and unless we see a significant rise in the RSI, we may not see any rallies anytime soon.
However, if a breakout were to occur, the likely target for the bulls on ETH would be the $1700 point, which now appears to be playing the role of resistance.
Could ETH hit $1,700 before the end of the month? Leave your thoughts in the comments below.
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