Bitcoin rallied on March 1, as markets reacted to the latest US Consumer Confidence report. Confidence fell last month, which seems to be a sign that higher rates are starting to take effect. Ethereum also rallied on Wednesday, as prices broke above $1,650.
Bitcoin
bitcoin (BTC) rallied on Wednesday, which comes after the latest US consumer confidence report.
Confidence fell to a reading of 102.9 in February, less than the 108.5 that markets had anticipated.
After a low of $23,077.65 on Tuesday, BTC/USD rose to an intraday high of $23,880.63 earlier in the day.
The move pushed Bitcoin marginally past a long-term resistance level at $23,800, hitting a five-day high in the process.
There was another slight break in the 14-day RSI, which rose past a top at 54.00.
At time of writing, the index stands at 55.02, with the next resistance zone visible at the 60.00 level.
Ethereal
Like bitcoin, ethereum (ETH) was also higher on the hump day as prices once again moved above $1,650.
ETH/USD hit a high of $1,658.69 today, less than 24 hours after nearly dipping below $1,600.
As a result of this rise, the world’s second-largest cryptocurrency rose to its strongest point since last Thursday.
Additionally, price strength has also broken through a ceiling at the 53.00 mark, with the index tracking at 54.68 as of this writing.
Despite this, the 10-day moving average (red) still looks poised to cross its 25-day counterpart (blue), which could trigger a selloff ahead.
If this crossover occurs, there is a possibility that ETH it could fall towards a floor at the $1,550 mark.
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Could we see Ethereum drop below $1,600 this week? Leave your thoughts in the comments below.
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