Ethereum broke above $1,800 for the first time since August, as markets continued to react to the Fed’s decision to pump $300 billion into the economy. This comes after the recent banking crisis, which saw companies like Silicon Valley Bank collapse. Bitcoin approached $28,000 in today’s session.
Bitcoin
bitcoin (BTC) closed at the $28,000 level to start the weekend, as markets continued to react to the Federal Reserve’s decision to inject liquidity into the US economy.
BTC/USD jumped to an intraday high of $27,787.81 earlier in the day, which comes after falling to a low of $26,209.29 on Friday.
As a result of the move, bitcoin rose to a new nine-month high, which is its strongest point since June 2022.
Looking at the chart, the rise took place when the 10-day moving average (red) crossed its 25-day counterpart (blue).
On top of this, the 14-day RSI continues to gain ground, moving deeper into overbought territory.
As of this writing, the index stands at 72.53, which is the strongest reading for the index since February 2.
Ethereal
Also, ethereum (ETH) continued to rise higher on Saturday as prices broke above the $1,800 mark.
After a minimum of $1,707.95 on Friday, ETH/USD reached a high of $1,821.31 earlier in today’s session.
The move saw the world’s second-largest cryptocurrency move to its highest point since August 19.
Overall, ethereum is up almost 27% in the last seven days, which, as with BTChas resulted in a bullish crossover of the moving averages.
Furthermore, the price strength is now firmly in bullish territory, with the RSI currently at 67.11.
This is slightly above a ceiling at 67.00, with the next visible point of resistance at the 75.00 mark.
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