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Bitcoin and Ethereum Technical Analysis 9th March
Following a prolonged period of negative pressure, bitcoin’s price increased on Wednesday as bulls re-entered the market. ETH was also up, reaching a five-day high in the process.
Bitcoin
Bitcoin finally broke over its current price limit on hump-day, halting a six-day losing trend for the world’s biggest cryptocurrency.
Following a low of $38,235.74 earlier in the session, BTC/USD jumped beyond its resistance level of $40,000 as crypto values rallied broadly.
As of this writing, BTC/USD is up about 9% on the day, reaching an intraday high of $42,352.69.
This is the highest level at which BTC has traded since last Friday, when it was on its way to a now-supportive level of $37,600.
The price increase on Wednesday comes as the 14-day RSI broke clear of its own resistance mark of 46.70 and is now tracking at 55.10.
If price strength continues to rise, bulls will most likely seek to reclaim the $45,000 barrier for the first time since March 2nd.
Ethereum
Ethereum which had been consolidating for the previous four sessions, has now pushed away from this floor and is up by more than 6%.
As of this writing, ETH/USD is trading at $2,739.56, somewhat down than the day’s high of $2,761.80.
According to the chart, today’s advance has brought ethereum’s price near to its temporary resistance mark of $2,800.
This is expected to be the biggest impediment to bulls reaching the $3,000 level, as well as the impending RSI limit of 50.75.
Bulls will have been boosted by the 10-day and 25-day moving averages, which seem to be crossing soon.
