Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Hits 9-Month High, as ETH Moves Above $1,700

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.

Bitcoin chart by TradingView

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.

Ethereum chart by TradingView

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.



from Bitcoin News https://ift.tt/iDj3snC
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more