Technical Analysis of Bitcoin and Ethereum: BTC Moves Above $17,000 on Wednesday
On Wednesday, as markets continued to analyze the U.S. consumer confidence report, bitcoin increased to $17,000. Despite the world’s largest economy’s inflation slowing, consumer confidence dropped to its lowest point since July. Ethereum continued to rise and drew nearer to $1,300.
In today’s session, Bitcoin (BTC) momentarily surpassed $17,000 as traders reacted to the most recent U.S. consumer confidence survey.
Despite reaching a six-month low, confidence declined less than anticipated, which was a generally encouraging indication for the markets.
BTC/USD hit an intraday peak of $17,021.67 earlier in the day after falling to a low of $16,366.66.
However, several earlier bulls moved to safeguard gains and sold their holdings after the breakout of $17,000, which has also served as a long-term resistance level.
BTC is currently trading at $16,832.07, and the 14-day RSI is tracking at 45.72, which is below the ceiling of 46.00.
The current surge in bitcoin may be extended should price strength move through the approaching barrier and continue moving upward.
Ethereum (ETH), like Bitcoin (BTC), advanced on Wednesday as prices soared for a second successful session.
Early in today’s session, ETH/USD reached a high of $1,276.55, less than 24 hours after trading at a low of $1,205.78.
The second-largest cryptocurrency in the world reached its highest point since November 15 as a result of today’s gains.
A crossover to the upside is about to occur between the 10-day (red) and 25-day (blue) moving averages, as seen on the chart.
Additionally, the RSI is currently tracking at 51.27, which is above a crucial resistance level of 50.00.
ETH bulls appear to be aiming for the $1,300 mark, which was last attained on November 11 when the coin reached a high of $1,307.