Bitcoin reached $20,000 again on Tuesday after the U.S. Dollar fell to its lowest in 2 weeks relative to several G7 currencies. This stronger dollar has had an impact on the purchasing power of cryptocurrencies as well as commodities such crude oil which fell to its lowest point in nine months last week. Ethereum saw a 5 day high.
Bitcoin
As the U.S. Dollar continued its decline against other major currencies, Bitcoin (BTC), briefly rose to $20,000 Tuesday.
This has resulted in the world’s largest cryptocurrency climbing to a peak of $20,071.20 earlier in today’s session.
Today’s high is the strongest point that BTC/USD has traded at since September 30, and is marginally below a ceiling of $20,200.
The chart shows that earlier bulls pulled out of the market when BTC approached the resistance.
The rally started after a break of an additional point of uncertainty. This was the ceiling at 49.00 on relative strength index (RSI).
The index now tracks at 52.22. That is slightly less than the resistance level of 53.00. BTC seems to have fallen further from its initial high.
Ethereum
Like BTC, ethereum (ETH) also rose to a five-day high in today’s session, moving above a key resistance level in the process.
Following an initial low of $1294.41 at the beginning of the week, ETH/USD rose to an intraday peak of $1355.89 just a few hours earlier.
Ethereum broke through its $1,330 ceiling, and the 14-day RSI moved beyond a point resistance.
The indicator surpassed its ceiling of 41.50 to show that it is now tracking at 44.82.
This is the highest reading since September 15, 2015, when ETH traded at a high price of $1.470.
The RSI needs to surpass the upcoming ceiling of 45.00 in order to return to those levels.
Get weekly price analysis emails sent straight to your inbox by registering your email
Is it possible that ethereum will reach $1,400 by the end of today? Please leave your comments.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.