ETH Moves To 2-Month High Above $1,900 – Market Updates Bitcoin News
Ethereum rose to a two-month high above $1,900 on Thursday, as the token continued to rally following yesterday’s US inflation report. Inflation in the US was 8.5% in July, giving traders some optimism about a potential gradual recovery. Bitcoin was also in the green as prices moved closer to $25,000.
Bitcoin
Bitcoin (BTC) was up for a second straight session on Thursday as prices continued to react to the latest inflation report.
After a low of $23,031.88 on Wednesday, BTC/USD rallied to an intraday high of $24,669.13 earlier today.
The move saw the world’s largest cryptocurrency rise to its long-term resistance level of $24,600 for the first time since July 30.
As on that occasion, the ceiling has so far held firm, with previous gains easing as the session has progressed.
BTC is currently trading at $24,485.78 at the time of writing, and this coincidentally comes as the 14-day Relative Strength Index (RSI) collided with a resistance level of its own.
This level is the 62 mark on the indicator, which has been in place since early April, and should bulls look to take the token above $25,000, this hurdle must be passed.
Ethereum
Ethereum (ETH) also rose earlier in today’s session, as prices of the world’s second-largest token surged by over 10%
On Thursday, ETH/USD hit a high of $1,908.20, which comes less than 24 hours after the token hit a low of $1,693.05.
The move came as ETH broke out of its long-term resistance level of $1,785, before peaking, which is the highest point the token had traded at since June 6.
Looking at the chart, previous gains in ethereum have also faded, and like BTC, this comes after colliding with a resistance point.
On this occasion, the ceiling is the 68 mark on the RSI, which has not seen a full breakout in over four months.
Despite this, some bulls remain optimistic about ETH’s chances to extend this run, climbing higher in upcoming sessions.
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