Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000 as Markets Rebound

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Bitcoin was back above $20,000 on Tuesday, as bulls seemingly moved in to buy following the recent dip in price. The token dropped to a multi-week low over the weekend, however prices have now risen in back-to-back sessions. Ethereum was also in the green, as prices briefly recaptured $1,600.

Bitcoin

Bitcoin (BTC) was trading higher for a second consecutive session, as the token rallied back above $20,000 following recent declines.

BTC/USD dropped to a low of $19,600.79 on Sunday, however after two days of gains, prices reached a peak of $20,542.64 earlier today.

This move sees bitcoin attempt to move back towards a key support/resistance point at $20,800, five days after falling below the mark.

Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000 as Markets Rebound
BTC/USD – Daily Chart

Looking at the chart, Tuesday’s rally has come as the relative strength index (RSI) rebounded from its own floor to start the week.

The RSI climbed from a support point at 29.00, and is now tracking at a reading of 38.20, which is marginally above its 38.00 ceiling.

Should this week’s uptrend continue, the index will likely reach a higher resistance point of 41.50, which will be enough to send prices above $20,800.

Ethereum

Like bitcoin, ethereum (ETH) also had a turbulent weekend, which saw prices fall to a one-month low.

During the weekend, ETH/USD hit a low of $1,427.73, which is its weakest point since July 26, taking prices close to a key floor at $1,420.

However, gains yesterday — and so far in today’s session — have sent the token to an intraday high of $1,600.46.

Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000 as Markets Rebound
ETH/USD – Daily Chart

This sees the world’s second largest cryptocurrency climb by almost 10% from its low of $1,448.13 on Monday.

As of writing, ETH continues to trade above a key support point at $1,550, and this comes as its RSI edges closer to a potential hurdle.

A ceiling of 50.00 awaits the index, which is currently tracking at 47.00, which could potentially see bears back into the market, putting a stop to the recent rebounds.

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Can ethereum move back towards $2,000 in September? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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