Bitcoin briefly surged to a nine-month high late on Tuesday, as prices moved above the $26,000 mark. Although prices have since declined, overall sentiment remains bullish following the latest U.S. inflation report. Consumer prices fell to 6% last month, with ethereum climbing above $1,700 as a result.
Bitcoin
Bitcoin (BTC) fell from a nine-month high on Wednesday, following yesterday’s post-U.S.-inflation-report rally.
BTC/USD is trading at $24,858.50 at the time of writing, hours after prices surged to a peak of $26,514.72.
Tuesday’s peak saw the world’s largest cryptocurrency hit its strongest point since June 13, when BTC was above $26,600.
Earlier gains have since fallen, which comes as a result of the 14-day relative strength index (RSI) nearing a ceiling of 65.00
Currently, the index is tracking at 63.07, however overall momentum remains higher, with the 10-day (red) moving average trending upwards.
Should the ceiling of 65.00 be eventually broken, bulls will likely push BTC to a higher resistance level at $28,000.
Ethereum
Ethereum (ETH) also moved higher in the last 24-hours, hitting a seven-month high in the process.
Following a high of $1,779.92 yesterday evening, ETH/USD is now trading at $1,696.20, which is still marginally higher than Tuesday’s low of $1,668.69.
Yesterday’s high saw ethereum climb to its strongest point since last August, breaking out of a ceiling at $1,750 in the process.
Since accomplishing this feat, ETH has since declined, following a collision with the 62.00 level on the RSI.
At the time of writing, the index is now tracking at 57.21, with ethereum bulls continuing to secure yesterday’s gains.
A floor at the 55.00 mark could be a possible target for sellers, should prices continue to decline in the coming days.
Register your email here to get weekly price analysis updates sent to your inbox:
Will ethereum move towards $1,800 this week? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Source: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-hits-9-month-high-as-eth-moves-above-1700/