Bitcoin
Bitcoin remained steady around the $35,000 mark as the United States prepared for a week of important economic data. At the start of the week, BTC/USD reached a peak of $34,743.26 after dropping to a low of $34,173.38 on Sunday. This brings bitcoin closer to its 18-month high of $35,157, last seen in October 2021.
The relative strength index (RSI) has shown stability at 79.00 after bitcoin experienced consecutive gains since hitting a low of $33,400 on Friday. The RSI is currently at 82.52, well above the overbought mark, suggesting that if prices continue to rise, they may approach a ceiling at 87.00.
Ethereum
Ethereum (ETH) started the week by surpassing the $1,800 level, recording two consecutive days of positive performance. After reaching a low of $1,779.36 on Sunday, ETH/USD rose to a high of $1,827.13 during today’s session. This marks the highest point for the second-largest cryptocurrency since last Thursday.
Looking at the chart, it appears that the rally occurred as the RSI approached its long-term resistance level of 75.00. Currently, the index is at 72.20 and Ethereum is slightly below its previous peak at $1,817.
Hot Take: Ethereum Surges Above $1,800 Ahead of Key Economic Data
Ethereum continues its upward momentum as it surpasses the $1,800 level ahead of a crucial week for U.S. economic data. With consumer confidence and nonfarm payrolls reports expected in the coming days along with a Federal Reserve policy meeting, market participants are closely watching these events. Meanwhile, Bitcoin remains stable around the $35,000 zone. As the week progresses, it will be interesting to see how these economic indicators and central bank decisions impact the crypto market.
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