Bitcoin, Ethereum Technical Analysis: BTC Climbs Back Above $17K, Hitting 3-Week High – Market Updates Bitcoin News

Bitcoin rose to a three-week excessive on Jan. 9, as costs surged past the $17,000 mark to start out the week. The transfer comes days forward of the upcoming U.S. inflation figures, and as merchants proceed to react to Friday’s nonfarm payrolls (NFP). Ethereum was additionally greater, rising to a multi-week excessive within the course of.

Bitcoin

Bitcoin (BTC) moved above the $17,000 degree to start out the week, as markets shifted their focus to this week’s U.S. inflation report.

Following a low of $16,928.18 on Sunday, BTC/USD surged to a peak of $17,283.72 earlier in as we speak’s session.

The transfer noticed BTC climb to its highest level since December 16, when value was at a excessive of $17,525.

Bitcoin, Ethereum Technical Analysis: BTC Climbs Back Above $17,000, Hitting 3-Week High BTC/USD – Every day Chart

Wanting on the chart, as we speak’s excessive got here because the 10-day (pink) shifting common lastly crossed over its 25-day (blue) counterpart.

Along with this, the 14-day relative energy index (RSI) marginally moved previous its latest resistance degree at 60.00.

As of writing, the index is monitoring at 60.46, with the subsequent seen ceiling on the 63.00 zone.

Ethereum

Like BTC, ethereum (ETH) additionally rallied to a multiple-week excessive on Monday, with costs climbing above a latest ceiling at $1,300.

ETH/USD raced to an intraday excessive of $1,324.01 earlier in as we speak’s session, which comes lower than 24 hours after buying and selling at a low of $1,261.95.

Just like bitcoin, as we speak’s rally pushed ethereum to its highest level since mid-December, when the coin was above $1,350.

Bitcoin, Ethereum Technical Analysis: BTC Climbs Back Above $17,000, Hitting 3-Week High ETH/USD – Every day Chart

As may be seen from the chart, an upwards crossover of shifting averages has additionally occurred right here, with the RSI gaining momentum as properly.

At the moment, the index is monitoring at 66.81, which is its strongest level since October 29, when ETH was buying and selling upwards of $1,500.

Ought to bullish sentiment stay all through the week, ethereum will possible climb previous the $1,400 degree.

Will we see ethereum lengthen as we speak’s features all through the week? Go away your ideas within the feedback under.

Eliman Dambell

Eliman brings an eclectic viewpoint to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. At the moment, he acts as a commentator throughout numerous asset lessons, together with Crypto, Shares and FX.

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