Ethereum rallied on February 23, as markets reacted to the latest Federal Open Market Committee (FOMC) minutes. The minutes showed the Fed has hinted at maintaining its current policy until there are more signs that inflation is slowing “substantially.” Bitcoin was also higher as it rallied back above $24,000.
Bitcoin
bitcoin (BTC) rallied back above $24,000 on Thursday as cryptocurrency markets rallied following the latest FOMC minutes.
After a low of $23,644.32 on Wednesday, BTC/USD rose to an intraday high of $24,572.09 earlier in the day.
As a result of this, the world’s largest cryptocurrency broke through a key resistance level at the point of $24,200.
This bounce also came as the 14-day Relative Strength Index (RSI) rebounded from a bottom of its own at 59.00
The index is currently at a reading of 59.90, with the next visible point of resistance at the 66.00 area.
If the bulls try to reach this level, there is a strong possibility that Bitcoin will trade above $25,000.
Ethereal
As BTCethereal (ETH) was back in the green today, with prices close to $1,700 after yesterday’s selloff.
ETH/USD rose to a high of $1,674.60 earlier in the day, which comes after bottoming at $1,604.80 on Wednesday.
The move sent Ethereum closer to its long-term top at $1,675, however the bullish pressure did not hold.
Since hitting this previous high, prices have turned lower, with Ethereum now trading at $1,665.75.
This coincides with the RSI indicator hitting a hurdle, in the form of the 57.00 resistance point.
At the time of writing this article, the index stands at 56.10.
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Could Ethereum re-enter the $1,700 mark in the next few days? Leave your thoughts in the comments below.
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