On Wednesday Ethereum prices fell to $1,700, a sign that the U.S. inflation rate was about to be released. But, after the U.S. inflation report of 8.5%, Ethereum prices surged above that point. Bitcoin traded lower as the price remained below $24,000
Bitcoin
Bitcoin (BTC) was once again trading below $24,000 in today’s session, as the token continued to react to increased levels of market turbulence.
Wednesday saw the world’s largest cryptocurrency fall to an intraday low of $22,771.52, which comes less than a day after trading above $23,900.
Today’s low saw BTC/USD drop to its lowest point in the past five days, and this came ahead of the release of the latest U.S. inflation report.
BTC moved up following the report which revealed that July’s inflation fell to 8.5% per annum, rather than the anticipated 8.7%.
As of writing, BTC/USD is trading at $23,593.37, which is almost $1,000 higher than the day’s earlier low.
This was as the relative strength indicator (RSI) sank from the floor at 53.90 and now tracks at 56.10.
Ethereum
After beginning the day lower than expected, ethereum’s (ETH) performance was buoyed also by the positive-than-expected Consumer Price Index (CPI).
At $1,665,09 the ETH/USD traded at its lowest point in the day. As we got closer to the publication of data, the prices rose more than $100.
As of writing, ethereum is trading at a day’s high of $1,761.56 and rising, as bulls reentered the market following recent consolidation.
Looking at the chart, ETH appears to be testing its resistance at $1.785, which if it is broken could see the token rise back up above $1.800.
Following a false breakout from the support level 60 in the 14-day relative strengths indicator indicator, price strength has increased in ethereum. This is similar to Bitcoin.
Now, the index appears to be headed for 65 and, if it reaches that level, it’s likely that ETH/USD will reach or exceed $1,800.
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