Bitcoin Ethereum Technical Analysis BTC Above dollar21000 ETH Above dollar1700 Powell Hawkish

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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

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

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.

 

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