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

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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.


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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

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