Ethereum surged to a two-month high above $1,900 on Thursday, as the token continued to rally following yesterday’s U.S. inflation report. The 8.5% inflation rate in the United States in July gave traders hope for a gradual recovery. Bitcoin prices were also closer to $25,000, which was in line with the Green Book.
Bitcoin
As prices continued to react after the most recent inflation report, Bitcoin (BTC).) On Thursday, BTC was back up for its second session.
The BTC/USD soared after a low on Wednesday of $23,031.88 and reached an intraday record of $24,669.13 today.
The move saw the world’s largest cryptocurrency rally to its long-term resistance level of $24,600 for the first time since July 30.
The ceiling remains the same as on the previous occasion. However, earlier gains have slowed down with each passing session.
BTC trades at $24,485.78, as of this writing. This coincides with the fact that the 14-day relative strengths index (RSI), collided to a resistance level.
This is the level at which the indicator reaches the 62 mark. It has been in effect since April and bulls should look to increase the price of the token to $25,000 by then.
Ethereum
Ethereum (ETH) also rallied earlier in today’s session, as prices of the world’s second-largest token climbed by over 10%
The ETH/USD price reached $1,908.20 on Thursday. That’s less than 24 hour after it was trading at $1,693.05.
The move occurred as ETH broke through its long-term resistance at $1,785 before reaching the peak. This is the highest level the token has traded since June 6.
The chart shows that earlier gains in Ethereum also have waned. This is similar to BTC’s crash with resistance.
On this occasion, the ceiling is the 68 mark on the RSI, which hasn’t seen a full breakout in over four months.
Despite this, some bulls remain optimistic about ETH’s chances to extend this run, and climb higher in upcoming sessions.
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