Bitcoin hit a temporary nine-month high late Tuesday as prices crossed the $26,000 mark. Prices have since fallen, but overall sentiment remains bullish in the wake of the latest U.S. inflation report. Consumer prices fell to 6% last month, resulting in Ethereum rising above $1,700.
Bitcoin
Bitcoin (BTC) fell from a nine-month high on Wednesday following yesterday’s post-US inflation report.
BTC/USD is trading at $24,858.50 as of this writing after a price spike to a peak of $26,514.72.
At Tuesday’s peak, the world’s largest cryptocurrency hit its strongest point since June 13’sBTCwas above $26,600.
The 14-day Relative Strength Index (RSI) approached a ceiling of 65.00
resulting in a reduction of its previous gains.
The index is currently at 63.07, but the 10-day (red) moving average is trending higher and overall momentum remains high.
If the 65.00 ceiling is broken, bulls are likely to pushBTCto the $28,000 high resistance line.
Ethereum
Ethereum (ETH) also rallied in the past 24 hours, hitting a 7-month high in the process.
Following yesterday evening’s high of $1,779.92,ETH/USD is currently trading at $1,696.20, still slightly higher than Tuesday’s low of $1,668.69.
Yesterday’s high was the strongest since last August, when Ethereum broke through the $1,750 ceiling in the process.
Since accomplishing this feat,ETHhas since collided with the RSI’s 62.00 level and has fallen.
As of this writing, the index is currently at 57.21, with Ethereum bulls continuing to secure yesterday’s gains.
If prices continue to fall over the next few days, a floor of 55.00 could be a target for sellers.
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