Ethereum hit a two-month high on Monday as crypto prices mostly rose after Friday’s non-farm payrolls report. Bitcoin hit a one-week high as the token surged above $24,000 to start the week. Overall, the global market capitalization is trading up 4.11% at the time of writing.
Bitcoin (BTC) was up for a second straight session to start the week, with prices approaching a key resistance level.
After a low of $23,024.80 on Sunday, BTC/USD hit an intraday high of $24,153.34 earlier in today’s session.
Following today’s surge, the world’s largest cryptocurrency moved closer to its high of $24,600.
Looking at the chart, the bears have kept prices from rising above this point since June 13, but the BTC bulls will finally be looking to break out of this level in the coming weeks.
For this to happen, price strength will need to increase significantly and break through a key resistance point of its own.
This is level 62 on the 14-day Relative Strength Index (RSI), which has not been breached since April 4, and is currently the main hurdle preventing bitcoin from rising above $25,000.
As BTC surged above $24,000, Ethereum (ETH) also rose to start the week, with prices briefly breaking above the $1,800 region.
ETH/USD hit an intraday high of $1,806.89 on Monday, which is its highest level since early June.
The move came as prices broke a key high of $1,775, following this weekend’s rally that began on Friday, when ETH rebounded from a low of $1,595.
Despite the momentum of the past few days, some fear that prices will soon begin to decline.
One of the reasons for these concerns is the fact that the 14-day RSI is about to hit a resistance point at 67.
At the time of writing, the index is trailing a reading of 66.59, and like bitcoin, ETH’s relative strength has not passed its next hurdle in over four months.
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Could Ethereum break through this resistance level and head towards $1,900 this week? Leave your thoughts in the comments below.
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