Investors and analysts watch the prices of BTC and ETH fluctuate widely and this week was no different. Technical and other indicators remain neutral and though conditions indicate oversold status, short term buying is still active. After a consolidation in prices, BTC rebounded, resulting in relief. This rebound was due to the fact that Russia plans to regulate and invest in crypto. Earlier, Russia had said that cryptocurrencies should be banned.
BTC/USD rates reached a new intraday high with $44,1254.45 on February 9th. The bulls took over the market after the previous day’s consolidation. This move increased the chances of BTC prices touching the $45,000 mark. The only way this is possible is if BTC can break through past the $44,800 mark.
Taking the moving averages of the last 10 days into account, most people believe that the prices will try to breach the $50,000 mark.
Now for Ethereum. ETH prices have also been rising over the last three weeks and this was noted during the February 9th session. Prices crept closer to $3400, ETH’s long term resistance point. This happened as ETH’s relative strength index over 14 days reached 59. This is the highest it has been since November 12th, 2021, and the price was $4,400.
Just like BTC, the upside price crossover with moving averages is maturing. Strength of prices indicate some level of overbuying. The bears may still take over the market and this seesawing in the markets has to be watched very closely.