Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000, Following US Consumer Confidence Report
Bitcoin surged higher on Wednesday, as markets reacted strongly to better-than-expected consumer confidence figures in the United States. Data from the Conference Board showed that its monthly survey rose to a reading 104.2, better than the 101 sum expected. Ethereum also climbed, moving above $1,800.
Bitcoin (BTC) once again moved above the $28,000 level on Wednesday, as markets reacted to the latest consumer confidence report in the United States.
The increase in confidence is seen by some as validating the Federal Reserve’s recent decision to marginally hike rates.
Following a low of $26,677.82 on Tuesday, BTC/USD raced to an intraday peak of $28,619.54 earlier in today’s session.
This latest surge in price occurred as the relative strength index (RSI) continued to move away from a recent floor at the 60.00 mark.
As of writing, the index is tracking at the 64.27 level, which is marginally below its upcoming ceiling at 65.00.
Earlier gains have slightly eased as BTC edged closer to this point of resistance, with price now trading at $28,423.03.
Ethereum (ETH) was also back in the green in today’s session, with prices rising back above the $1,800 level.
ETH/USD rose to a high of $1,825.60 on Wednesday, which comes less than 24 hours after the price was below $1,700.
As a result of today’s rally, ethereum was able to briefly rise above a recent resistance point at the $1,820 level.
Price has since retreated from this point, which comes after the RSI collided with a ceiling at the 58.00 mark.
Although price strength is now tracking at 58.52, overall market momentum seems to be preparing for consolidation.
The 10-day (red) moving average (MA) is now trending sideways, and should the RSI fall back below 58.00, chances of a downward cross with the 25-day (blue) MA will greatly increase.
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Do you expect ethereum to end March above $1,800? Leave your thoughts in the comments below.