Bitcoin rose on Tuesday for the seventh straight session, moving to an all-time high of three weeks. The price surge came ahead of this afternoon’s U.S. inflation report, which is expected to come in at 8.1% for August. Ethereum continued to trade lower in today’s session, as volatility remained high ahead of The Merge.
Bitcoin (BTC), which rose on Tuesday for the seventh straight session, was due to the anticipation of U.S. consumer prices index.
The August inflation rate in the United States should fall to 8.1%, after a drop of 8.5% in June.
BTC/USD rose to $22,650.73 intraday, its highest point since August 19, just before the release.
The chart shows that this spell of positive momentum has resulted in a crossing between the 10-day moving average (red), and its 25 day counterpart (blue).
Despite these concerns, bulls need to be aware that the 14-day relative strengths index (RSI), appears to have collided at a resistance point of 61.80.
Although the index moved marginally past this point and now tracks at 62.57 price uncertainty could cause bears to reenter market. This would send bitcoin lower.
On Tuesday volatility in ethereum continued to rise, with the token falling below the $1,700 floor.
As a result of this earlier breakout, ETH/USD fell to a low of $1,682.43 in today’s session, which was short lived, as bulls swiftly reentered, sending prices higher.
This resulted in a peak of $1,752.76, and as of writing, the world’s second largest cryptocurrency is trading at $1,740.88.
The RSI has now fallen below the 59.55 ceiling, marking a continuation of bearish sentiment.
Many still believe the token will rise above $1,800 next week despite this. This is primarily due to The Merge and the crossover between the 10-day-and-25-day moving averages.
These trend lines will continue along their current tracks, and we may see more price surges over the next few weeks.
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Are we likely to see ethereum reach $1,800 in the coming days? Please leave your comments.
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