On January 1, Ethereum reached a three-week high. 4, as markets prepared for the release of the latest Minutes of the FOMC. The report on Wednesday is expected to demonstrate the U.S. economy from the perspective of the Federal Reserve, and further explain the rationale behind a change in policy. Bitcoin increased as well, reaching an eight-day high.
Bitcoin
On Wednesday, Bitcoin(BTC) reached an eight-day high as cryptocurrency markets advanced in anticipation of the release of the most recent FOMC minutes.
BTC/USD soared to an intraday high of $16,886.14 earlier today after Tuesday’s low of $16,622.37.
BTC moved above a significant resistance level of $16,800, which is typically the last barrier standing in the way of the price reaching $17,000.
The price of bitcoin has increased today, as seen in the graph, to its highest level since December 27, when it traded at $16,961.
Prior to or immediately following the release of the minutes report, traders will probably try to move above $17,000.
The increase in price occurs as the 14-day relative strength index (RSI) rises above its own ceiling of 49.00 and is currently tracking at 50.37.
Ethereum
Ethereum (ETH) prices also rose sharply during today’s session, reaching a multi-week high, similar to Bitcoin (BTC).
Early in the day, ETH/USD reached a high of $1,253.12, less than 24 hours after trading at a low of $1,207.49.
Ethereum’s price rose to its highest level since December 16 as a result of today’s move, breaking out of a resistance level at $1,230.
Looking at the chart, the increase occurred as ETH breached its resistance level on the RSI at 50.00, and it is currently tracking at 55.73.
The 10-day moving average (red) and its 25-day counterpart (blue) are getting close to crossing upwards, which is when the momentum changed.
If this cross occurs, Ethereum is likely to rise above $1,300 in the coming days.
