Ethereum breaks $1,700; Bitcoin sees $51,000 resistance

Bitcoin and Ethereum, the world’s biggest cryptocurrencies by market cap, saw a mixed day on Monday as price chopped between a narrow range.

Bitcoin fails to break $51k

Trading data shows BTC traded in the $49,000-$51,000 range this morning, seeing a daily low of $49,316 in the afternoon and a daily high of $51,300 in the evening. The asset plunged in the US hours in line with tech stocks in the country—a correlation that many have pointed out in the past few months.

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Bitcoin’s price charts show resistance in the $51,000-$51,200 level, one the asset broke earlier this year while setting its all-time high of over $53,000. 

As the above image shows, Bitcoin trades above its 34-period moving average, a tool used by traders to determine the market trend, indicating higher prices in the short term. However, on-chain sentiment data from IntoTheBlock flash a “bearish,” suggesting a decline in prices. The two indicators combined suggest the market remains choppy.

Fundamentally, however, Bitcoin remains in a strong position. Earlier today saw Kjell Inge Rokke, a Norwegian billionaire and founder of oil company Aker ASA, invest over $59 million into BTC.

He said Bitcoin could one day “become the core of a new monetary ­architecture” and predicted its price to reach “millions of dollars,” but cautioned the bet could “still go to zero.”

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Ethereum upgrade drives it to $1,700…but not beyond

Ethereum, driven by the EIP-1559 catalyst, saw a $150 range and traded between the $1,600-$1,750 price levels. It saw a low of $1,666 in the early afternoon and a high of $1,752 in the evening, tumbling down to its current $1,727 in the US morning hours.

As the below image shows, ETH remains in a strong uptrend (since $1,500) and trades above its 34-period moving average. It saw selling at the $1,750 level, however, but was picked up by traders at the $1,720 level in the US hours.

Apart from the strong fundamental narrative of the EIP-1559, Ethereum saw an institutional push over the weekend. Meitu, a Hong Kong-listed Chinese company, said it had picked up over $22 million worth of ETH (and $17 million worth of Bitcoin) on Friday via a portion of its treasury funds.

It said the assets were a better place to store value than cash, adding the future outlook for both was positive.

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