After rising to a multi-week high over the weekend, ethereum consolidated on Monday, as market uncertainty increased ahead of tomorrow’s Merge. The token, which continues to trade above $1,700, fell from Sunday’s high, as bulls likely liquidated previous positions. Bitcoin remained higher, rising for a sixth straight session.
Bitcoin (BTC) rose for a sixth straight session to start the week, as sentiment in cryptocurrency markets remained mostly bullish.
BTC/USD rose to a high of $22,244.38 earlier in today’s session, less than 24 hours after trading at a low of $21,493.03.
Today’s rally sees the token now up by over 12% in the last seven days, with some expecting further surges this week.
Looking at the chart, the recent bullish momentum has led to price strength moving towards overbought territory.
As of writing, the 14-day relative strength index (RSI) is currently tracking at 59.67, and this comes following a recent breakout of the 55.40 resistance point.
In addition to this, the 10-day (red) moving average is now on the cusp of a cross with its 25-day (blue) counterpart, which could signal further surges in price.
Ahead of the start of tomorrow’s Merge, ethereum (ETH) consolidated on Monday as traders prepared for the event.
Following Sunday’s peak of $1,782.73, ETH/USD dropped to an intraday low of $1,721.63 earlier today.
The decline comes as bulls likely secured earlier gains, in anticipation of increased levels of price volatility over the coming days.
As of writing, prices have rebounded from the previous low of the day, with ETH now trading at $1,751.34.
This comes as sentiment still remains bullish, following a recent cross between the 10-day (red), and 25-day (blue) moving averages.
Overall, it appears that the target for traders still remains $1,800, which could come if the RSI moves past its current ceiling of 60.00.
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Do you expect market sentiment to turn bearish this week? Leave your thoughts in the comments below.
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