Ethereum rose to a three-week high on January 4 as the market prepared for the release of the latest FOMC minutes. Wednesday’s report is expected to present the Federal Reserve’s views on the economy and further explain the reasons for its policy pivot. Bitcoin was also higher, rising to an eight-day high.
Bitcoin (BTC) rose to an eight-day high on Wednesday as the cryptocurrency market rallied ahead of the release of the latest FOMC meeting minutes.
After hitting a low of $16,622.37 on Tuesday,BTC/USD surged to an intraday high of $16,886.14 earlier today.
This move sawBTC rise above a key resistance level of $16,800, the last hurdle preventing the normal price from reaching $17,000.
As the chart shows, today’s price surge took bitcoin to its highest level since it traded at $16,961 on December 27.
Traders are likely to attempt a move above $17,000 before or immediately after the release of the minutes.
The 14-day Relative Strength Index (RSI) has surpassed its own upper limit of 49.00 and is currently at 50.37, leading to this move higher.
ETHETH/USD rose to a peak of $1,253.12 within 24 hours of trading at a low of $1,207.49.
As a result of today’s move, Ethereum broke out of resistance at $1,230, hitting its highest level since December 16 in the process.
The chart shows a spike asETHbroke through the resistance level on the RSI at 50.00 and is now at 55.73
This change in momentum is due to the 10-day (red) moving average approaching an upward crossover with the 25-day (blue) moving average.
If this cross takes place, we will likely see Ethereum move above the $1,300 mark in the coming days.
Sign up for email here to get weekly price analysis updates sent to your inbox.
Image credits: Shutterstock, Pixabay, Wiki Commons