Bitcoing After reaching a multi-week high over the weekend, Ethereum consolidated on Monday as market uncertainty mounted ahead of tomorrow’s merger. The token, which is still trading above $1,700, fell from Sunday’s high as bulls likely liquidated previous positions. Bitcoin remained bullish, rising for the sixth session in a row.
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Bitcoin (BTC) rallied for the sixth straight session earlier in the week as sentiment in the cryptocurrency markets remained bullish.
The BTC/USD pair rallied to a high of $22,244.38 earlier in the session today, less than 24 hours after trading as low as $21,493.03.
Today’s rally sees the token up more than 12% over the past seven days, with some expecting more gains this week.
Looking at the chart, the recent bullish momentum has led to price strength moving into overbought territory. At the time of writing, the 14-day RSI is currently at 59.67, and this follows a recent break of the 55.40 resistance point. Furthermore, the 10-day moving average (red) is now on the verge of a crossover with its 25-day counterpart (blue), which could signal further price increases.
Ahead of tomorrow’s merger, ethereum (ETH) consolidated on Monday as traders prepared for the event. After hitting a high of $1,782.73 on Sunday, ETH/USD fell to an intraday low of $1,721.63 earlier today.
The drop comes as the bulls have likely taken earlier gains in anticipation of increasing levels of price volatility in the coming days.
At press time, prices have recovered from the previous low for the day, with ETH now trading at $1,751.34.
This is because sentiment remains bullish, following a recent cross between the 10-day (red) and 25-day (blue) moving averages. Overall, it looks like the target for traders remains $1,800, which could happen if the RSI breaks above its current ceiling of 60.00.
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