Bitcoin, Ethereum Technical Analysis: BTC, ETH Both Hit Fresh 1-Month Highs, as Bullish Pressure Intensifies

Bitcoin prices surged on hump day, as the token climbed towards the $24,000 level in today’s trading session. The move came as bullish pressure intensified, following several days of recent gains. Ethereum also remained higher, once again climbing above $1,600.

Bitcoin

Bitcoin (BTC) extended its recent gains on Wednesday, as prices rose towards the $24,000 level in today’s session.

The world’s largest cryptocurrency surged to an intraday peak of $23,759.76 on hump day, which is its highest point since June 13.

Wednesday’s fresh five-week high comes as price strength increased, breaking out of a key resistance level in the process.

Looking at the chart, this ceiling on the 14-day RSI of 56.7 was broken in the last 24 hours, leading to an influx of new bulls.

This move also comes as the 10-day and 25-day moving averages finally crossed, with both gauges of momentum moving in an uptrend.

As of writing, the RSI is tracking at 62, which has historically been a resistance point, and should this history repeat, we may see today’s gains begin to ease.

Ethereum

Like yesterday, ethereum (ETH) was once again trading above $1,600, as bullish sentiment remained in the token.

Following a low of $1,517.16 in Tuesday’s session, ETH/USD rose to a high of $1,602.13 on hump day.

Today’s peak saw the token trade at its highest point since June 11, and comes as bulls now look set to push prices closer towards $2,000.

This may be challenging, as price strength currently looks as though it is overbought, with the 14-day RSI tracking at 68.35.

Overall, this is the highest reading for the index since April 4, and unless this ceiling is broken, the move towards $2,000 will be on hold for now.

A key resistance of $1,645 is on the horizon, and should prices fail to move past this point, bears could look to reenter.