Ethereum moved above $2,000 on Thursday as the market continued to react to the success of the Shanghai update. The update, also known as the “chapera” update, took place late last night and allowed withdrawals on the blockchain. Bitcoin held above $28,000.
Bitcoin (BTC) continued to trade above $30,000 on Thursday as the crypto market continued to be buoyed by the latest US inflation report, which dropped to 5%.
Following Wednesday’s low of $29,725.57,BTC/USD rose to an intraday peak of $30,462.48 later in the day.
The move keeps bitcoin near the 10-month high of $30,584 it hit during Tuesday’s trading session.
The chart shows that today’s slight price increase is due to the 14-day Relative Strength Index (RSI) bouncing off the bottom at 68.00
As of this writing, the index is currently hovering at 69.73, with the next visible resistance point at 71.50.
If the index moves above this point, Ethereum will likely move above $30,500.
ETH/USD surged to a peak of $2,007.05 earlier in today’s session, less than a day after trading at $1,882.37.
As a result of today’s price surge, the world’s second-largest cryptocurrency hit its highest price since last August.
This 8-month high is due to the strength of the price, which rose above the 65.00 ceiling. It is currently at a reading of 69.44.
The 75.00 resistance level appears to be the next hurdle for bullish momentum and if the upward momentum continuesETHcould move above $2,100 this week.
Sign up for email here to receive weekly price analysis updates:
Image Credit:: Shutterstock, Pixabay, Wiki Commons