Bitcoin rebounded on March 1, as markets reacted to the latest consumer confidence report from the United States. Confidence slipped last month, which appears to be a sign that higher rates are starting to take effect. Ethereum also moved higher on Wednesday, as prices moved above $1.650.
Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence
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Bitcoin
Bitcoin ( BTC) rebounded on Wednesday, which comes in the aftermath of the latest U.S. consumer confidence report.
Confidence fell to a reading of 102.9 in February, less than the 108.5 sum that markets had anticipated.
Following a low of $23,077.65 on Tuesday, BTC/USD surged to an intraday peak of $23,880.63 earlier in the day.
The move pushed bitcoin marginally past a long-term resistance level at $23,800, hitting a five-day high in the process.
Another slight breakout occurred on the 14-day relative strength index ( RSI), which climbed beyond a ceiling at 54.00.
At the time of writing, the index is tracking at 55.02, with the next visible resistance zone at the 60.00 level.
Ethereum
Like bitcoin, ethereum ( ETH) also raced higher on hump-day, as prices once again moved above $1,650.
ETH/USD raced to a high of $1,658.69 earlier today, less than 24 hours after nearly falling below $1,600.
As a result of this surge, the world’s second-largest cryptocurrency climbed to its strongest point since last Thursday.
Additionally, price strength has also risen past a ceiling at the 53.00 mark, with the index tracking at 54.68 as of writing.
Despite this, the 10-day (red) moving average still seems set to crossover its 25-day (blue) counterpart, which could prompt an upcoming sell-off.
Should this cross occur, there is a possibility that ETH could fall toward a floor at the $1,550 mark.
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Could we see ethereum drop below $1,600 this week? Leave your thoughts in the comments below.
