Bitcoin and ethereum prices rebounded on Monday, after declining throughout the weekend. As the Russian invasion of Ukraine heightened, crypto traders appeared to take a risk-off approach this weekend, however some bulls seemed to return to start the week.
Bitcoin ended two consecutive sessions of decline to start the week, as the world’s largest cryptocurrency seemed to have found its price floor.
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BTC/USD hit an intraday low of $37,268.98 earlier in today’s session, with prices now climbing towards resistance above $40,000.
This rebound comes after prices found support at $37,000 on Sunday, which was the lowest level BTC had hit since Friday.
Looking at the chart, Monday’s move comes just as the 14-day RSI has marginally broken past its own ceiling at 46, and is currently tracking at 47.84.
In addition to this, the momentum of the 10-day moving average (red) is now moving in a sideways path, which could set the floor for a potential upward change in direction.
With BTC now hovering on the periphery of $40,000, history does show that price uncertainty heightens here.
Bulls will look to evade these bears which typically live in this zone.
The price of ETH was also higher to start the week, with a support level also being established within the world’s second largest cryptocurrency.
Although higher today, ETH/USD is trading 2.92% lower than at the same point yesterday, when prices fell to an intraday day low of $2,581.62.
This low was close to ETH’s long-term floor of $2,550, and as we neared this floor, bulls pushed prices up away from these levels.
As such, ETH/USD hit an intraday high of $2,748.15 to start the week, as some hope that we may soon recapture the $2,900 resistance.
One of the only hurdles that could prevent this from happening is the fact that the 14-day RSI has now hit its ceiling of 48.
Can bulls push price strength beyond this point? Leave your thoughts in the comments below.
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