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

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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.

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Will ethereum move towards $1,800 this week? Leave your thoughts in the comments below.

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