• Bitcoin has been attempting to break above the resistance level at $23,650.
• Ethereum has grown slowly after rebounding from the $1,565 support zone.
• Technical indicators show bullish signs for BTC and indecision for ETH.
Bitcoin Attempts to Break Above $23,650
Bitcoin has been attempting to break above the resistance level at $23,650 with technical indicators showing bullish signs. If the BTC/USD pair succeeds in breaking through this level and then clears the $24,000 resistance zone, it could continue climbing towards $24,600 and possibly even higher. However, if Bitcoin fails to break the resistance levels in the short term then a slow decline is likely with immediate support near $23,220 and further down near $22,750.
Ethereum Rebounds from Support Zone
The Ethereum price is slowly climbing above the $1,620 resistance level against the US Dollar. After reaching a crucial support zone of $1,565 it has gradually recovered and is now trading above $1,620 at press time. For Ethereum to continue gaining momentum it must break through both the $1,650 and $1,670 resistance levels.
MACD and RSI Show Momentum
The Moving Average Convergence Divergence (MACD) indicator is currently demonstrating upward momentum for Bitcoin which indicates that buying pressure is stronger than selling pressure when MACD is in a bullish zone. The Relative Strength Index (RSI) for BTC/USD also shows positive results as it stands above 50 at press time suggesting that buying pressure remains strong.
Ethereum Moves Independently of Bitcoin
Although traditionally Ethereum follows Bitcoin’s lead on market trends lately it has started moving independently of its elder counterpart which means that although positive news about Bitcoin can influence prices positively for Ethereum this no longer seems to be always true as seen by its recent recovery from a crucial support zone despite lack of movement from Bitcoin’s price around that same time.
At present both Bitcoin and Ethereum are trying hard to gain momentum with technical analysis suggesting bullishness for BTC while indecision still lingers over ETH but should either asset manage to break above their respective current resistances they may see considerable gains in their prices soon enough