Ethereum rose above $1,800 for the first time since August as markets continued to react to the Fed’s decision to inject $300 billion into the economy. This follows the recent banking crisis, which saw the collapse of Silicon Valley Bank and other banks. Bitcoin approached $28,000 in today’s session.
Bitcoin
Bitcoin (BTC) approached the $28,000 level to start the weekend as the market continued to react to the Federal Reserve’s decision to inject liquidity into the US economy.
BTC/USD fell to a low of $26,209.29 on Friday before jumping to an intraday high of $27,787.81 later in the day.
As a result of this move, bitcoin hit a nine-month high, its strongest since June 2022.
The chart shows that the 10-day moving average (red) has spiked above the 25-day moving average (blue).
In addition to this, the 14-day Relative Strength Index (RSI) continues to rise, deep into overbought territory.
As of this writing, the index is at 72.53, its strongest reading since February 2.
Ethereum
In addition, Ethereum (ETH) continued to climb, with prices surging above the $1,800 mark on Saturday.
Following Friday’s low of $1,707.95,ETH/USD ran up to a peak of $1,821.31 earlier in the session today.
The move sent the world’s second-largest cryptocurrency to its highest level since August 19.
Overall, Ethereum is currently up nearly 27% over the past 7 days, similar toBTChas resulted in an upward crossing of the moving averages.
Additionally, price strength is now firmly in bullish territory, with the RSI currently hovering at 67.11.
This is just above the 67.00 ceiling and the next visible resistance point is the 75.00 mark.
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