Bitcoin, Ethereum Technical Analysis: BTC Climbs Back Above $17K, Hitting 3-Week High
Bitcoin rose to a three-week high on Jan. 9, as prices surged beyond the $17,000 mark to start the week. The move comes days ahead of the upcoming U.S. inflation figures, and as traders continue to react to Friday’s nonfarm payrolls (NFP). Ethereum was also higher, rising to a multi-week high in the process.
Bitcoin (BTC) moved above the $17,000 level to start the week, as markets shifted their focus to this week’s U.S. inflation report.
Following a low of $16,928.18 on Sunday, BTC/USD surged to a peak of $17,283.72 earlier in today’s session.
The move saw BTC climb to its highest point since December 16, when price was at a high of $17,525.
Looking at the chart, today’s high came as the 10-day (red) moving average finally crossed over its 25-day (blue) counterpart.
In addition to this, the 14-day relative strength index (RSI) marginally moved past its recent resistance level at 60.00.
As of writing, the index is tracking at 60.46, with the next visible ceiling at the 63.00 zone.
Like BTC, ethereum (ETH) also rallied to a multiple-week high on Monday, with prices climbing above a recent ceiling at $1,300.
ETH/USD raced to an intraday high of $1,324.01 earlier in today’s session, which comes less than 24 hours after trading at a low of $1,261.95.
Similar to bitcoin, today’s rally pushed ethereum to its highest point since mid-December, when the coin was above $1,350.
As can be seen from the chart, an upwards crossover of moving averages has also occurred here, with the RSI gaining momentum as well.
Currently, the index is tracking at 66.81, which is its strongest point since October 29, when ETH was trading upwards of $1,500.
Should bullish sentiment remain throughout the week, ethereum will likely climb past the $1,400 level.
Register your email here to get weekly price analysis updates sent to your inbox:
Will we see ethereum extend today’s gains throughout the week? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.