Bitcoin, Ethereum Technical Analysis: BTC Hits $48,000 as ETH Nears January High of $3,500 

Bitcoin, Ethereum Technical Analysis: BTC Hits $48,000 as ETH Nears January High of $3,500 

Bitcoin briefly hit a high above $48,000 on Tuesday, as prices of the world’s largest cryptocurrency rose for an eighth straight day. ETH was also trading higher during the session, with prices nearing their highest since January 5. Bitcoin

Bitcoin reached the $48,000 level today, as the world’s largest cryptocurrency climbed higher for an eighth consecutive session.

On Tuesday, BTC/USD rose to an intraday high of $48,086.84, as prices rose to their highest point since New Year’s Eve.

Today’s move comes as bitcoin has sustained its upward momentum since breaking out of the then ceiling of $42,500 on March 22. BTC/USD – Daily Chart

Now on the cusp of yet another resistance at $48,200, BTC’s recent streak will likely be tested, as bears will look to short at this point.

Looking at the chart, history shows us that there have been previous bearish runs at this point, similar to January 2, and with prices currently overbought, there is some reason as to why a reversal could occur.

Bulls will likely not give way without a fight, however, as longer-term investors sense a real opportunity to move towards $50,000.

. Ethereum

In addition to BTC, prices of ethereum also climbed on Tuesday, as the global crypto market cap rose by almost 2% as of writing.

ETH/USD climbed to an intraday high of $3,470.19 during today’s session, which is its highest level since January 6.

Today’s move now means that ethereum’s price has risen for 13 of the last 15 days, gaining close to 20% in value within that period. ETH/USD – Daily Chart

The rally which took place today saw ETH breakout of its resistance level at $3,380, following a break beyond the $3,170 mark only two days prior.

As such, price strength continues to surge, with the 14-day RSI now tracking at 74.39, which is a multi-month high.

Although some will continue to anticipate a reversal, the momentum of the moving averages shows no sign of slowing down, which could lead to further gains. Tags in this story Analysis, Bitcoin, ETH

Could we see the $3,500 level hit as early as today? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: WAVES up 50% on Tuesday, as RUNE and LUNA Move Higher MARKET UPDATES | 5 hours ago Biggest Movers: SOL Moves Past LUNA, as EOS and FIL Lead Monday"s Gainers MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCoinbase Set to Close Deal to Acquire 2TM, Parent Company of Latam’s Biggest Exchange, Mercado Bitcoin Next articleDCG Mining Subsidiary Foundry Joins Texas Blockchain Council to Help Shape Crypto Public Policy 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 disclaimerShow comments More Popular NewsIn Case You Missed ItReport: Digital AUM Surged to $48.7 Billion in March, Average Weekly Flows Turn Negative

The total aggregate digital assets under management (AUM) surged to $48.7 billion in March, up from the $43.9 billion that was recorded in January, the latest data from Crypto Compare has shown. In contrast, the average daily trading volumes fell ... read more.Rio de Janeiro to Accept Cryptocurrency Payments for Taxes Next Year European Union’s MiCA Proposal Progresses to Trilogue Stage Without Bitcoin Ban Provision Spanish Retailer El Corte Ingles Launches Crypto Exchange in Partnership With Deloitte Russian Prime Minister, Economy Ministry Support Legalization of Cryptocurrencies