Bitcoin, Ethereum Technical Analysis: BTC Above $26,000 Ahead of US Inflation Report
Bitcoin rose above the $26,000 level on Tuesday, as markets prepared for the latest U.S. inflation figures. Consumer prices for May are expected to fall to 4.1% — double the Federal Reserve’s 2% target. Ethereum remained below $1,800.
Bitcoin
Ahead of the upcoming inflation report in the United States, bitcoin (BTC) moved back above the $26,000 level.
Following a low of $25,686.04 to start the week, BTC/USD raced to a peak of $26,261.14 earlier today.
The move saw bitcoin near a recent resistance level at $26,300, which is one of the last hurdles stopping bulls from moving towards $27,000.
In order to get towards this level, a ceiling on the relative strength index (RSI) will also need to be broken.
This is the 47.00 level on the indicator, and as of writing, price strength is currently tracking at 44.02.
The 10-day (red) moving average will need to also shift course, and divert away from its current downward path.
Ethereum
Additionally, ethereum (ETH) moved marginally higher, however it continued to trade below $1,800.
ETH/USD jumped to a high of $1,757.89 earlier in today’s session, which comes a day after the price was at a bottom of $1,723.09.
The latest surge came as bulls took charge at a floor of $1,730, with the RSI bouncing from a floor of its own at 38.00.
At the time of writing, price strength is tracking at 39.33, with the next visible point of resistance being 43.00.
Should the index move beyond the aforementioned ceiling, there is a strong possibility that ETH will climb to $1,800.
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum hit $1,800 in the upcoming days? Leave your thoughts in the comments below.
