Crypto prices surged in today’s session, as markets continued to react to the Federal Reserve’s latest interest rate hike. In its second consecutive meeting, Fed raised rates by 75bps (basis points). Bitcoin briefly crossed the $23K threshold earlier in today, and ethereum reached a new six-week high above $1,600.
Bitcoin
Bitcoin (BTC), as prices rose after the Federal Reserve raised interest rates, was higher trading on Thursday.
The move by the bank to boost the federal funds rate by 0.75% pushed bitcoin to an intraday high of $23,358.34 earlier in today’s session.
This is the highest BTC/USD level since June 22nd, when prices were close to $24,000 resistance.
Looking at the chart you can see that the gains made earlier have slowed down with bulls choosing to leave their positions instead of trying to extend the uptrend. This has led to bitcoin trading at $22,949.05.
It could have been due to the fact the 14-day relative weakness index (RSI), came into contact with a ceiling at 57.
This ceiling must be broken if traders want to bring the token above $23,000
Ethereum
Bitcoin and ethereum were both in green Thursday as the prices moved above a critical resistance level.
ETH/USD briefly broke out of its resistance point at $1,645 in today’s session, hitting a high of $1,666.88 in the process.
It was the highest price paid for ethereum in a year since June 10, 2010, when it traded at an all-time high of $1,800.
However, like bitcoin, earlier bullish momentum has given way as today’s session has progressed, with the token now trading at $1,619.57.
It now looks as though the rally that occurred above $1,645 seems like a false breakout, based on the chart.
Moreover, the RSI now tracks at 62.58. This is close to the resistance level of 66. Bulls might be tempted to leave, thus avoiding an impending obstacle.
Register here and get price analysis alerts sent directly to your email.
Can ethereum reach $1700 per week by the end? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.