Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 6-Week Highs as Dollar Loses Steam

http://motleybloggers.com/wp-content/uploads/2022/10/bitcoin-ethereum-technical-analysis-btc-eth-hit-6-week-highs-as-dollar-loses-steam.jpg





Bitcoin rose to its highest level in six weeks on Wednesday, as the U.S. Dollar continued to weaken versus several G7 currencies. The latest decline in USD comes as consumer confidence in the United States fell by more than expected in October. Ethereum was also trading at a multi-week high in today’s session


Bitcoin


Bitcoin (BTC) was back above $20,000 during today’s session, as crypto bulls pushed prices to a multi-week high while the U.S. dollar lost strength.


Following a low of $19,278.74 yesterday, BTC/USD raced to an intraday high of $20,702.72 on Wednesday.


Today’s move sees the world’s largest cryptocurrency hit its strongest point since September 13, when prices were close to $23,000.


Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 6-Week Highs as Dollar Loses Steam
BTC/USD – Daily Chart

Looking at the chart, Wednesday’s surge comes as bullish pressure was finally able to intensify, moving beyond the resistance of $19,600 in the process.


The 14-day relative strength index (RSI) also moved higher, breaking out of a ceiling of 53.00, on its way to a current reading of 63.75.


This is the highest point the index has hit since March, when the token was trading at over $40,000.

Ethereum


In addition to bitcoin, ethereum (ETH) also made significant gains on Wednesday, rising above $1,500 in the process.


ETH/USD surged by as much as 15% earlier in today’s session, hitting a peak of $1,542.35 in the process.


As seen with BTC above, today’s rally saw ethereum rise to its highest level since mid-September.


Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 6-Week Highs as Dollar Loses Steam
ETH/USD – Daily Chart

Following today’s rise in price, the RSI moved to a high of 69.29, which is the most it has tracked at since August.


The 10-day (red) and 25-day (blue) moving averages have also maintained their recent upward momentum, which could be a sign of even further mid-term gains.


Should today’s momentum continue, we could see bulls attempt to hit a ceiling of $1,650.


Register your email here to get weekly price analysis updates sent to your inbox:




Tags in this story

Could ethereum reach $2,000 in November? Leave your thoughts in the comments below.








Eliman Dambell


Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.







Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. MotleyBloggers.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.




Read disclaimer




Origina post from
https://motleybloggers.com/bitcoin-ethereum-technical-analysis-btc-eth-hit-6-week-highs-as-dollar-loses-steam/

Comments

Post a Comment

Popular posts from this blog

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this repor...
Post a Comment
Read more

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionar...
Post a Comment
Read more

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-da...
Post a Comment
Read more