Bitcoin and ETH rallied on Sunday evening, as prices approached their highest level in almost three months. BTC climbed above $47,000, while ETH moved past the $3,300 point to start the week.
Bitcoin
Bitcoin started the week in strong fashion, with prices rising past $47,000 for the first time since the beginning of the year.
On Monday, BTC/USD rose to an intraday high of $47,245, as prices rose to their highest point since January 2.
Today’s move took place following the breakout of the $44,950 resistance level during Sunday’s session, with prices now targeting yet another ceiling.
Bitcoin bulls will likely be looking towards the $50,000 mark as their next target, however they must first overcome resistance at $48,200.
However, looking at the chart, the 14-day RSI indicator is now deeply in overbought territory, tracking at nearly 70, which is its most since October.
This will likely be a huge obstacle for bulls to overcome, as price strength appears to have peaked, with bears possibly waiting for the perfect time to enter the market.
.
Ethereum
ETH has also rallied to multi-month highs on Monday, as the world’s second-largest cryptocurrency extended its recent gains.
Today’s gains saw ETH climb to an intraday high of $3,351.07, which is the most the price has hit since January 16.
Current ETH bulls may however become slightly nervous, as the upcoming ceiling of $3,390 could get in the way of further upwards momentum.
Similar to BTC, the 14-day RSI on ethereum is currently overbought, with it currently tracking at 71, which is the highest point since September.
The upcoming
