Bitcoin, Ethereum Technical Analysis: BTC Remains Near $23,000 to Start the Week

Bitcoin News

Bitcoin continued to hover around the $23,000 level on Jan. 23, as bullish sentiment remained high in markets. Over the weekend the world’s largest cryptocurrency rose to its strongest level since August, with bulls moving to consolidate these gains. Ethereum also traded in the green today, remaining above $1,600 in the process.

Bitcoin

Bitcoin (BTC) continued to trade near a five-month high to start the week, as sentiment in crypto markets remained bullish.

Following a low of $22,387.90 on Sunday, BTC/USD hit an intraday peak of $23,056.73 earlier in today’s session.

On Saturday, BTC rose to a high of $23,375, which was its strongest point since August 18, and it appears as though bulls are hoping to recapture this point.

In order to achieve this, the 14-day relative strength index (RSI) will likely need to move back towards a ceiling at 91.00.

Currently, the index is at the 85.26 level, which is already overbought, and this could lead to some opting to secure gains and abandon previous positions.

As of writing, BTC is trading at $22,876.55, which is marginally higher than Sunday’s peak.

Ethereum

Ethereum (ETH) also appeared to be consolidating the weekend’s gains, with prices remaining above the $1,600 mark.

On Monday, ETH/USD has so far risen to a peak of $1,658.02, which is relatively close to Saturday’s four-month high at $1,680.

Today’s peak comes as the world’s second largest cryptocurrency rebounded from a floor around the $1,610 mark.

Looking at the chart, the rebound took place following a failed breakout of a support point of 75.00 on the RSI indicator.

As of writing, the indicator is tracking at 75.23, with the next visible resistance level at 80.00 zone.

ETH bulls will likely be still targeting a move above $1,700, and for this to occur, the 80.00 mark must first be overcome.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Could ethereum climb above $1,700 this week, despite prices being overbought? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

Ethereum Price On The Verge Of Repeating 2017-2021 Cycle Breakout, Target Above $20,000
Ethereum Breaks Resistance Levels, Analyst Predicts Room For More Growth
Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance
Ethereum Eyes $3,900 – Key Resistance Break Could Spark A Surge
XRP Consolidates Below Crucial Resistance – Analyst Sets $1.60 Target