Technical Analysis of Bitcoin and Ethereum: BTC Rises Above $24,000, ETH Nears $1,800

Technical Analysis of Bitcoin and Ethereum: BTC Rises Above $24,000, ETH Nears $1,800

In order to close off the work week, prices for bitcoin increased over $24,000 for a third straight session. Following the Fed’s interest rate increase on Wednesday, the cryptocurrency market remains upbeat, which is why prices are up today. The cost of ethereum increased as well, approaching $1,800.

Bitcoin (BTC) prices increased by more than $24,000 during today’s session, resulting in a third day of greater trading for the cryptocurrency.

The biggest cryptocurrency in the world reached an intraday high of $24,294.79 earlier in the day. On Thursday, BTC had reached a low of $22,722.27.

BTC/USD reached its highest level on Friday since June 12, when prices were trading around $26,000.

Technical Analysis of Bitcoin and Ethereum: BTC Exceeds $24,000, ETH Nears $1,800 on Daily Chart
This movement has caused bitcoin to now come into contact with a long-term resistance level around $24,200, and some early bulls have decided to sell their holdings.

Due to this, the token’s earlier momentum has temporarily decreased; as of the time of writing, it is trading at $24,040.61.

Bulls will probably aim for a rise towards $25,000, but they’ll need to surpass a ceiling of 62 on the 14-day RSI to get there.

Ethereum
Ethereum (ETH), like bitcoin, continued its current winning run, moving higher for a third straight session in the process.

Less than 24 hours before to its most recent high, ETH/USD was trading at $1,604.89. This latest high saw ETH/USD surge to $1,774.58.

Since June 10 when prices reached a high of almost $1,800, this was the highest price for ethereum.

Technical Analysis of Bitcoin and Ethereum: BTC Rises Above $24,000, ETH Nears $1,800 ETH/USD – Daily
The cryptocurrency is now trading at $1,604.88, although initial positive momentum has given way as today’s session has gone on.

This coincides with the 14-day relative strength index dropping to a value of 63.72 after failing to break through a ceiling at the 66 level.

Price strength must soar through this obstacle if bulls are to achieve their aim of $1,800 this weekend.

Leave a Reply