As prices continue to rise after the US inflation figures released yesterday, Ethereum It rallied above $1,900 on Thursday to a two-month high. Inflation in the US was at 8.5% in July, giving traders some optimism about a potential gradual recovery. As prices approach $25,000 bitcoin was also green. Here is the notable technical analysis.
Bitcoin Technical Analysis
While trying to find the price of cryptocurrencies after the published inflation figures, the price of Bitcoin rose on Thursday. Following Wednesday’s high of $23,031, BTC/USD rallied to an intraday high of $24,669 earlier today. After the rise, the price resulted in a rise above $ 24,600 for the first time since July 30.
As in this case, the ceiling has held steady so far, and previous highs have been reversed as the session progressed. BTC is currently trading at $24,485 at the time of writing, which coincidentally emerged at a level where the 14-day relative strength index (RSI) collided with its own resistance level.
Koinfinans.com As reported by us, this level is the 62 mark on the indicator (RSI) that has been in effect since the beginning of April, and if the bulls want to push BTC above $25,000, this hurdle has to be overcome.
Ethereum Technical Analysis
Ethereum (ETH) also started the trading session with over 10% gains. On Thursday, ETH/USD rallied as high as $1,908, less than 24 hours after the coin dropped to $1,693.
The move came as ETH broke out of the long-term resistance at $1,785 before hitting the top, the highest point it has traded since June 6.
Looking at the chart, previous gains in Ethereum have also subsided a bit, and like BTC, this one emerged after colliding with a resistance point. Because; The ceiling represents the 68 mark on the RSI, which hasn’t seen a full breakout in over four months.
Despite this, some bulls remain optimistic about ETH’s chances to extend this run and climb higher in the coming sessions.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.