Bitcoin Ethereum Technical Analysis BTC Above dollar21000 ETH Above dollar1700 Powell Hawkish
Categories: Bitcoin Crypto News ETHERUM NEWS
Bitcoin, EthereumTechnical Analysis: BTC Above $21,000, ETH Above $1,700 Powell Hawkish
Speakingyesterday, Powell said, "We need to now, frankly, act as strongly as weare doing." Ethereum also surged, moving above $1,700 on Friday.
Bitcoin(BTC) rose sharply during today's session as markets responded to JeromePowell's bullish remarks. Speaking on Thursday, the Fed chair hinted at furtherrate hikes, saying, "My colleagues and I are strongly committed to thisproject and we will continue to do so until the work is done."
As a resultof these sharp comments, crypto prices surged, with BTC/USDrunning to an intraday peak of $21,080.49 on Friday. The rally comes days afterthe coin traded as low as $18,527.71, which was BTC's lowest in two months.
Bitcoin is now trading at its highest pointsince August 26, with the bulls targeting a higher range of $21,600. At thetime of writing, the 14-day Relative Strength Index (RSI) is tracking at 52.29,its strongest point in almost a month.
Ethereum In addition to bitcoin, the world'ssecond-largest cryptocurrency, Ethereum (ETH), also surged on Fridayfollowing Powell's comments. ETH/USD rose to a high of $1,711.84 earlier today,which comes after the coin moved above a key resistance point. FollowingThursday's low of $1,594, ETH struggled to break out of its range at $1,615,although it turned earlier in today's session.
Ethereum rallied beyond not only theaforementioned resistance, but has since broken another ceiling at the $1,700mark. As of writing, ETH is trading at $1,705.95, which is its strongestlevel since August 25, following a similar break out. In order to overcome thepeak seen in late August, bulls will likely need to intensify their pressure,possibly targeting $1,800 in the process.