Ethereum climbed to a two-week high on Thursday, as markets continued to react to yesterday’s Fed decision. As expected, the Federal Reserve increased interest rates by 0.25%, whilst providing forward guidance for future hikes. BTC was once again trading above $40,000.
BTC was trading above $40,000 for a second consecutive session, as bullish pressure remained within the world’s largest cryptocurrency.
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This momentum comes as traders were somewhat relieved by the Fed’s decision to lift rates, which helped remove some recent market tension.
As of writing, BTC/USD is 1.4% higher than yesterday’s low, and has risen to an intraday high of $41,323.26 during today’s session.
Even if a cross does occur, market uncertainty will likely remain until the current ceiling of $42,100 is broken.
This may only occur once another resistance point has been passed, this time in the form of the 14-day RSI.
As seen from the chart, the RSI is tracking at 53, which is marginally below its ceiling of 54.4. Bulls are likely anticipating a break beyond this point, prior to intensifying upside pressure.
ETH rallied to its highest level since March 4 during today’s session, as it approaches a new resistance level above $2,800.
Following yesterday’s low of $2,647.29, ETH/USD hit a peak of $2,807.80 on Thursday, as traders continued to push prices around from the long-term support.
Whilst we move away from support at $2,550, ETH is now on a crash course for resistance at $2,850, a level which hasn’t been broken in over two weeks.
Unlike BTC, price strength in ethereum appears to have peaked, as the 14-day RSI indicator currently sits right below resistance of 54.9.
This ceiling has not been broken since mid-February, and once it eventually does give way, we will likely be looking at the $3,000 level.
Could we see ETH above $3,000 before the weekend? Leave your thoughts in the comments below.
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