On Friday, Ethereum traded higher as market volatility decreased following the U.S. inflation data. The core inflation rate rose 0.6% and consumer prices rose to 8.2%. This is higher than the expected 8.1%. Traders seemed to be relieved that the uncertainty around the report is over. Bitcoin fell to near $20,000 in the wake of this news.
Bitcoin
Bitcoin (BTC), moved toward the $20,000 mark on Friday as the U.S. Inflation Report eased uncertainty.
The markets responded positively even though consumer prices rose more than anticipated, and speculation around the report is now over.
The report resulted in BTC/USD rising to $19,835.17 intraday, just 24 hours after it traded at $18,642.11.
The momentum has changed once more during this rally, and several indicators are now leaning towards bullish territory.
The 14-day relative power index (RSI), which was previously above 50.00, is currently at 51.54. This could potentially lead to a ceiling of 55.00.
If this is reached, bitcoin will most likely rise to above $20,000.
Ethereum
Ethereum was also higher in today’s session, as the token climbed back above $1,300, colliding with a key resistance point in the process.
The ETH/USD pair reached a high of $1,335.10 in the early hours of the morning, after colliding with the key resistance level at the same time.
This is the highest point that the world’s second largest cryptocurrency has traded at since the start of the week.
Since then, however, the price of this token is now slightly lower at $1,328.51
The chart shows that this happens as the RSI meets a resistance point, the 46.50 mark.
To allow ethereum’s growth to continue, the price strength should move past this ceiling.
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