ETH Climbs Above $1,200 Ahead Of US Consumer Confidence Report – Market Updates Bitcoin News
Ethereum climbed back above $1,200 on Tuesday, ahead of the upcoming US consumer confidence report. The price comes after a breakout above a key resistance level of $1,180. Bitcoin also climbed higher in today’s session, ending a five-day losing streak.
Bitcoin
Bitcoin (BTC) snapped a five-day losing streak on Tuesday as prices moved away from a recent support point.
After a low of $16,054.53 to start the week, BTC/USD rose to an intraday high of $16,522.26 earlier today.
This increase saw bitcoin climb from the aforementioned $16,175 price floor, which has been in place since earlier in the month of November.
Looking at the chart, although prices have risen, it will be a test to see if this momentum can be sustained, due to the relative strength index (RSI) colliding with a ceiling.
At the time of writing, the index hovers marginally above a ceiling of 41.00, with a current reading of 41.12.
Should price strength continue in an upward direction, we could see more bulls enter the market, bringing BTC closer to $17,000.
Ethereum
In addition to BTC, ethereum (ETH) also rose on Tuesday, ahead of the US consumer confidence report.
The Conference Board’s consumer confidence survey is expected to come in at a reading of 100, which is marginally below October’s reading of 102.5.
ETH/USD was back above $1,200 on Tuesday, hitting a high of $1,216.52 earlier in today’s session.
As seen on the chart, the move, which ended two consecutive days of losses, pushed ethereum to its highest point since Saturday.
Overall, this move comes as the RSI rallied above the 43.70 resistance point, and it is currently tracking at 46.10 at the time of writing.
A ceiling of $1,230 now awaits Ethereum bulls, and should they overcome this hurdle, a move towards $1,300 will be on the cards.
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Will ethereum reach $1300 before the end of the month? Leave your thoughts in the comments below.
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