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Bitcoin, Ethereum Technical Analysis: BTC, ETH Both Hit Fresh 1-Month Highs, as Bullish Pressure Intensifies

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Bitcoin prices surged on a hump day as the token surged to $24,000 in today’s trading session. This move was triggered by increased bullish pressure after several days of recent gains. Ethereum also stayed higher, rising above $1,600 again.

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Bitcoin (BTC) continued its recent gains on Wednesday as prices surged to $24,000 in today’s session.

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The world’s largest cryptocurrency rose to an intraday peak of $23,759.76 on the day of the hump, the highest point since June 13.

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Wednesday’s fresh five-week high was reached on the back of increased price strength, breaking through a key resistance level.

Bitcoin, Ethereum Technical Analysis: BTC and ETH Hit New Monthly Highs as Bullish Pressure Intensifies
BTC/USD – daily chart

Looking at the chart, this 14-day RSI ceiling of 56.7 has been breached in the last 24 hours, bringing in new bulls.

This move also occurs when the 10-day and 25-day moving averages finally cross and both momentum indicators are moving in an uptrend.

At the time of writing, the RSI is tracking at 62, which has historically been a resistance point, and if this story repeats, we may see today’s gains begin to wane.

Ethereum

Like yesterday Ethereum (Ethereum) traded above $1,600 again as bullish sentiment persisted in the token.

After a low of $1,517.16 on Tuesday session Ethereum/USD rose to a high of $1,602.13 on a hump day.

At today’s peak, token trading is at its highest level since June 11, and it has come as the bulls now appear set to push prices closer to $2,000.

Bitcoin, Ethereum Technical Analysis: BTC and ETH Hit New Monthly Highs as Bullish Pressure Intensifies
Ethereum/USD – daily chart

This may not be easy as price strength currently looks like it is overbought and the 14-day RSI is at 68.35.

Overall, this is the index’s highest reading since April 4, and if this ceiling is not broken, the movement towards $2,000 will be suspended for the time being.

There is key resistance at $1,645 on the horizon, and if prices don’t break that point, the bears could try to come back.

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Can Ethereum hit $2,000 in July? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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