THE DAILY ENCRYPT

September 30, 2022

Bitcoin, Ethereum Technical Analysis: ETH Stays Above $2,900 as Traders Eye $3,000 Ceiling 

Ethereum remained above $2,900 to start the week, as the world’s second largest cryptocurrency consolidated its recent gains. Bitcoin was also consolidating, as it continued...
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Ethereum remained above $2,900 to start the week, as the world’s second largest cryptocurrency consolidated its recent gains. Bitcoin was also consolidating, as it continued to trade above $41,000 during Monday’s session.

Bitcoin

Despite a selloff to end last week, prices of BTC continued to hover above $41,000 on Monday, as market bulls appear to still be holding onto their positions.

Following a low of $40,668.04 earlier in today’s session, BTC/USD rose to an intraday high of $41,607.47 on Monday.

Although BTC is now trading around the $41,379 area, it remains 0.45% lower than yesterday’s high above the $42,200 ceiling.

Today’s session saw bitcoin fall below its floor of $40,580, which is its lowest level since last Friday, as markets were preparing for the weekend.

Looking at the chart, the reversal in price momentum came as BTC hit its long-term resistance point of $42,200, leading to bears re-entering the market.

In addition to this ceiling, the 14-day RSI was also unable to move past its own ceiling of 55, and now sits at 51.5.

Should this momentum persist, we could see bitcoin below $40,000 in the upcoming days.

Ethereum

Although BTC fell, ETH remained marginally higher as of writing, as prices continued to trade above the $2,900 level.

On Monday, ETH/USD hit an intraday high of $2,934.69, as prices rebounded following a selloff during Sunday’s session.

The price of ETH fell as the asset approached the $3,010 ceiling, which comes as traders appear to have closed positions, leading to a turnaround, as seen before at this level.

Despite the reversal which came, there was enough bullish pressure in ETH to keep prices from falling below $2,900, with ETH/USD now up over 14% in the last seven days.

This momentum could see further gains come this week, as bulls seem to still be present at this level.

Could we see a full ETH breakout above $3,000 this week? Leave your thoughts in the comments below.

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