Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday
Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300.
Bitcoin
Bitcoin (BTC) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report.
Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.
Following a low of $16,366.66, BTC/USD rose to an intraday peak of $17,021.67 earlier in the day.
However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.
As of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.
Should price strength continue in an upward direction, and move beyond this upcoming obstacle, then bitcoin could extend today’s rally.
Ethereum
Like BTC, ethereum (ETH) also moved higher on Wednesday, as prices surged for a second success session.
ETH/USD hit a peak of $1,276.55 earlier in today’s session, which comes less than 24-hours after trading at a low of $1,205.78.
As a result of today’s gains, the world’s second largest cryptocurrency hit its highest point since November 15.
Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.
In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.
The target for ETH bulls appears to be the $1,300 level, which was last hit on November 11, when the coin was at a peak of $1,307.
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