Bitcoin hit a nine-month high late on Tuesday as the price climbed above the $26,000 mark. Although prices have declined since then, the overall sentiment remains bullish following the latest US inflation report. The consumer price dropped by 6% in the last month, as a result of which Ethereum climbed above $1,700.
Bitcoin
bitcoin (B T c) fell from a nine-month high on Wednesday, following yesterday’s US-inflation-report rally.
B T c/USD is trading at $24,858.50 at the time of writing, after hours the prices reached a peak of $26,514.72.
Tuesday’s peak saw the world’s largest cryptocurrency reach its strongest point since June 13 B T c was above $26,600.
Earlier gains have been pared, which comes as a result of the 14-day Relative Strength Index (RSI) moving closer to the 65.00 range.
Currently, the index is tracking at 63.07, however the 10-day (red) moving average is trending upwards, the overall momentum remains higher.
If the 65.00 ceiling is finally broken, the bulls are likely to get pushed B T c With a higher resistance at $28,000.
Ethereum
Ethereum (ETH) also moved up in the last 24 hours, touching a seven-month high in the process.
After hitting a high of $1,779.92 yesterday evening, ETH/USD is now trading at $1,696.20, still slightly above Tuesday’s low of $1,668.69.
Yesterday, Ethereum climbed to its strongest point since last August, breaking out of the $1,750 high range in the process.
since achieving this ETH There has been a decline since colliding 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 protect yesterday’s gains.
A floor at the 55.00 mark could be a potential target for the sellers should the price continue to decline in the coming days.
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Credit : news.bitcoin.com