Ethereum climbed to a two-week high on Thursday, as markets continued to react to yesterday’s Fed decision. According to market expectations, the Federal Reserve increased interest rate by 0.25% and provided guidance about future hikes. BTC traded at above $40,000.
Bitcoin
BTC was trading above $40,000 for a second consecutive session, as bullish pressure remained within the world’s largest cryptocurrency.
This momentum comes as traders were somewhat relieved by the Fed’s decision to lift rates, which helped remove some recent market tension.
As of writing, BTC/USD is 1.4% higher than yesterday’s low, and has risen to an intraday high of $41,323.26 during today’s session.
Even if there is a cross, the market will remain uncertain until $42,100 has been broken.
It may occur only after another resistance point, the 14-day RSI, has passed.
You can see that the RSI has been tracking at 53. That is just a little below its maximum of 54.4. The bulls may anticipate a breakout beyond that point before intensifying their upside pressure.
Ethereum
ETH rallied to its highest level since March 4 during today’s session, as it approaches a new resistance level above $2,800.
Following yesterday’s low of $2,647.29, ETH/USD hit a peak of $2,807.80 on Thursday, as traders continued to push prices around from the long-term support.
Whilst we move away from support at $2,550, ETH is now on a crash course for resistance at $2,850, a level which hasn’t been broken in over two weeks.
Unlike BTC however, ethereum’s price strength appears to be at an all-time high. The 14-day RSI indicator is currently just below the resistance level of 54.9.
The ceiling has not been broken in February, so if it finally breaks, then we can expect to be at $3,000
Is it possible to see ETH rise above $3,000 by the weekend? Comment below to share your views.
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