Ethereum closed at the $1,700 level on Wednesday, as markets reacted to comments from US Federal Reserve Chairman Jerome Powell. Speaking after the session on Tuesday, Powell hinted that the Fed could continue raising rates, if the data shows a need for action. Bitcoin was also boosted by the news, rallying back to the $23,000 region.
Bitcoin
bitcoin (BTC) rose on Wednesday, following comments from Federal Reserve Chairman Jerome Powell.
Speaking yesterday, Powell stated: “The reality is that we are going to react to the data. So if we continue to get, for example, strong labor market reports or higher inflation reports, we may have to do more and raise rates more than what is discounted.”
BTC/USD rose to an intraday high of $23,367.96 today, less than 24 hours after hitting a low of $22,781.95.
Looking at the chart, the move brought Bitcoin to its strongest point in four days, coming as the 14-day Relative Strength Index (RSI) topped out.
The index rallied to a top at 65.00, however the momentum was not strong enough to break out of this point.
At time of writing, the index is tracking at 62.92, with BTC falling from previous highs, and currently trading at $23,195.36.
Ethereal
ethereal (ETH) extended recent gains today, with prices breaking a key resistance point in the process.
After a low of $1,628.67 on Tuesday, ETH/USD jumped to a high of $1,688.53 during the hump day session.
As a result of today’s gains, the world’s second largest cryptocurrency broke above a resistance level of $1675.
Similar to bitcoin, this move fueled ETH to its highest point since Saturday, with the RSI also hitting a four-day high.
At the time of writing, the index has a reading of 62.97, which is slightly below the 64.00 ceiling.
ETH The bulls are likely to try to break this resistance in the coming days, which will inevitably mean that prices rally above $1,700 again.
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