Today’s move comes as prices rose for a second consecutive day, with momentum now firmly bullish. Ethereum was also in the green earlier this week, with the coin hovering around the $1,300 mark.
Bitcoin jumped to a three-week high on Monday as prices climbed for a second straight session. After a low of $16,940.90 on Sunday, BTC hit an intraday high of $17,378.15 earlier in today’s session.
The high is the strongest point bitcoin has reached since November 11, when the price peaked at $17,645.
Today’s rise comes as the 10-day moving average (red) extended its upward crossover with its 25-day counterpart (blue). In addition, the 14-day Relative Strength Index (RSI) also rose to 50.40, above its 50.00 ceiling.
If this upward momentum continues, it is likely that BTC Bulls will target a ceiling of $17,700.
In addition to bitcoin, ethereum was also in the green earlier this week, with prices closing in on $1,300. Ethereum hit a high of $1,302.24 earlier in today’s session, less than 24 hours after falling to a low of $1,253.16.
As a result, the world’s second-largest crypto-currency has now marginally broken a long-term resistance point of $1,300.
Like the trend on the bitcoin chart, ethereum’s 10-day moving average (MA) (red) continues its upward climb from the 25-day MA.
The 14-day RSI also climbed, with the index holding at 52.87, which is above a 52.00 ceiling. Once the bulls are finally able to break through this current wall, the next target for traders will likely be the $1,350 point.