Ethereum rebounded on February 23 as the market reacted to the latest Federal Open Market Committee (FOMC) minutes. The minutes suggested that the Fed will maintain its current policy until there are further signs that inflation is slowing “significantly.” Also, bitcoin rose above $24,000, reaching a new high.
Bitcoin
Bitcoin (BTC) moved above $24,000 again on Thursday as the cryptocurrency market rebounded following the latest FOMC meeting minutes.
After hitting a low of $23,644.32 on Wednesday,BTC/USD surged to an intraday high of $24,572.09 later that day.
As a result, the world’s largest cryptocurrency broke out of a key resistance level at the $24,200 point.
BTC
This rebound was also due to the 14-day Relative Strength Index (RSI) bouncing back from the bottom at 59.00
The index is currently hovering at 59.90, confirming that the next resistance point is in the 66.00 zone.
Attempts to reach this level will likely see bitcoin trading above $25,000.
Like BTCETH) returned to the green in today’s session, with prices approaching $1700 following yesterday’s sell-off.
ETHETH/USD rose to a peak of $1,674.60 early this morning after bottoming at $1,604.80 on Wednesday.
The move meant that Ethereum came within touching distance of a long-term ceiling of $1,675, but the bullish pressure did not hold.
Since this previous high, prices have fallen and Ethereum is now trading at $1,665.75.
This coincides with the RSI indicator hitting a hurdle, the 57.00 resistance point.
At the time of this writing, the index is tracking at 56.10.
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