ETH Moves Higher as Markets Continue to React to US Inflation Report – Bitcoin News
Ethereum traded higher on Friday, as cryptocurrency markets continued to rally, following yesterday’s US inflation report. A better than expected 7.7% CPI (Consumer Price Index) for October boosted prices, following recent bearish sentiment. Bitcoin briefly climbed back above the $18,000 level on Friday.
Bitcoin
Bitcoin (BTC) moved higher on Friday as the token bounced back from a recent period of relatively heavy selling.
After a low of $16,290.27 on Thursday, BTC/USD rose to an intraday high of $18,054.31 earlier in the day.
The move came as the world’s largest cryptocurrency continued to move away from a key support point at $15,800.
As can be seen from the chart, this increase occurred as the 14-day relative strength index (RSI) also recovered from a recent six-month low.
Currently, BTC is trading at $17,339.58, with the index tracking at 36.89, which is below a long-term resistance point of 39.00.
For BTC/USD to continue this current momentum, the RSI ceiling must first be breached.
Ethereum
Ethereum (ETH) surged as much as 8% in today’s session, as the token briefly recaptured the $1,300 level.
Shortly after the US inflation report was released, ETH/USD rose to a high of $1,341.79, moving away from previous lows of $1,199.24.
The token continues to trade above yesterday’s bottom, and at the time of writing is at the $1,272.95 mark.
Looking at the chart, the 10-day (red) moving average (MA) appears to be on the edge of a bearish cross with the 25-day (blue) MA.
Usually, such a move signals the beginning of a downtrend, which may mean that we have not yet reached a bottom.
Should this be the case, bears will likely aim for a breakout below $1,000, having failed to move beyond this point earlier in the week.
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Could Ethereum fall below $1000 in the coming days? Leave your thoughts in the comments below.
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