BTC, ETH Marginally Higher as USD Weakens on Monday – Market Updates Bitcoin News

0


Following a red start to October, crypto prices moved marginally higher during Monday’s session. After a brief stint below $19,000 on Sunday, bitcoin rose back above this point, as the U.S. dollar began to weaken against other G7 currencies. Ethereum was also in the green, momentarily moving above $1,300.

Bitcoin

Bitcoin (BTC) was trading marginally higher on Monday, as crypto prices reacted to a weaker U.S. dollar.

Following last week’s rally in USD, the currency eased to start the month, giving way to the return of bitcoin bulls.

BTC/USD rose to an intraday high of $19,312.48 in today’s session, less than 24 hours after trading at a floor of $18,970.62.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Marginally Higher as USD Weakens on Monday
BTC/USD – Daily Chart

Looking at the chart, the move saw the token marginally rise above its resistance point at the $19,300 level, which has historically been an area of uncertainty.

As of writing, the turbulence has somewhat returned, with BTC trading at $19,208.10.

Today’s rally also coincided with the 14-day relative strength index (RSI) bouncing off a key floor of 43.00. Should this ascent continue, we could see prices move closer to $20,000.

Ethereum

Ethereum (ETH) also shook off signs of a red October, as the token rebounded following four consecutive bearish sessions.

After a low of $1,271.15 on Sunday, the world’s second largest cryptocurrency raced to a high of $1,308.90 to start the week.

The move saw ETH/USD move towards its recent resistance level of $1,315, which has largely been in place since mid-September

Bitcoin, Ethereum Technical Analysis: BTC, ETH Marginally Higher as USD Weakens on Monday
ETH/USD – Daily Chart

Like with bitcoin, ethereum’s 14-day RSI has bounced from a point of support at 36.60, and appears to be heading towards resistance of 41.50

Should this take place, we will likely see the token move towards a higher ceiling of $1,385, before potentially climbing back above $1,400.

The 10-day (red) moving average also seems to have shifted course, which bulls will likely view as a positive sign.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect a strong rebound in ethereum during October? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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.

More Popular News

In Case You Missed It



Source link

You might also like
Leave A Reply

Your email address will not be published.