Bitcoin gained for the seventh consecutive session Tuesday as it reached a three week high. This price surge occurred ahead of today's U.S. Inflation Report, which is expected at 8.1% for August. Today's session saw Ethereum trade lower as volatility continued to rise ahead of The Merge.
Bitcoin (BTC), which rose for the seventh consecutive session Tuesday as markets anticipated the U.S. consumer prices index release, was up for the seventh time in a row.
After a decrease of 8.5% in July, inflation in the United States will likely fall to 8.1% this August.
BTC/USD surged ahead of the report to an intraday peak at $22,650.73. This is its highest point since August 19.
The chart shows that this spell of upwards momentum has resulted in a cross between its 10-day (red), moving average, and its 25-day counterpart (blue).
Despite this, bulls should be concerned about the fact that the 14 day relative strength index (RSI), seems to have collided at a resistance point of 61.80.
The index is now tracking at 62.57. However, there is price uncertainty that could cause bears to reenter, sending bitcoin lower.
On Tuesday, volatility in ethereum continued to be high as the token fell below the $1,700 floor.
Due to this earlier breakout, ETH/USD dropped to $1,682.43 today's session. However, it was only temporary as the bulls quickly reentered and sent prices higher.
This led to a peak price of $1,752.76, which is now the second-largest cryptocurrency in the world. It currently trades at $1,740.88.
The RSI has now fallen below the 59.55 ceiling, with bearish sentiment remaining.
Many still believe the token will rise above $1,800 this Week despite this. This is mainly due to The Merge and the crossover between the 10-day moving averages and the 25-day moving averages.
If these trend lines remain on their current tracks, then we can expect further price increases in the weeks ahead.
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Could we see ethereum hitting $1,800 in the coming days? Comment below to share your thoughts.
By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: BTC Hits Fresh 3-Week High, Ahead of US Inflation Report
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-hits-fresh-3-week-high-ahead-of-us-inflation-report/
Published Date: Tue, 13 Sep 2022 12:45:18 +0000