ETH Above $1,330, Consolidating Recent Gains – Bitcoin News Market Updates

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Ethereum mostly consolidated during Tuesday’s session as prices continued to trade near recent highs. After moving to a three-week high to start the week, markets maintained bullish sentiment earlier in the day. Bitcoin also maintained its recent momentum, with the coin remaining close to its high at $17,400.

Bitcoin

Bitcoin (BTC) continued to trade near the $17,200 level during today’s session as traders moved to secure Monday’s gains.

After bottoming out at $17,162.99 to start the week, BTC/USD hit a high of $17,389.96 earlier today.

However, earlier gains have since diminished, with the world’s largest cryptocurrency currently trading at $17,271.27.

BTC/USD – Daily Chart

Looking at the chart, today’s price consolidation occurred as the 14-day Relative Strength Index (RSI) continued to hover near key resistance at 60.00.

Although the index currently sits above that point at 60.89, price uncertainty has intensified, leading previous bulls to exit positions.

Traders could once again attempt to breach a price cap at $17,400, but that could come later in the week following the release of US inflation data.

Ethereum

Ethereum (ETH) also moved into consolidation on Tuesday as prices failed to break out of a key resistance point of $1,350 on Monday.

Earlier in today’s session, ETH/USD hit a high of $1,342.14, before dropping to a low of $1,317.24.

As with bitcoin, today’s Ethereum consolidation comes as traders opted to take profits, after the coin hit a multi-week high yesterday.

ETH/USD – Daily Chart

As the chart shows, yesterday’s gain pushed ETH into overbought territory, causing the bullish momentum to slow.

Currently, the RSI sits at 68.08, its strongest point since late October, and close to a high of 70.00.

For the bullish momentum to extend recent gains, this ceiling will first need to be overcome.

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Do you expect further price increases in the coming days? Leave your thoughts in the comments below.

Elie Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and online trading educator. Currently, he acts as a commentator in various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.

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