Bitcoin gained more than $2,000 over the past 24 hours as investors responded to Jerome Powell's bullish comments. Yesterday Powell said, "We must act now, forthrightly and as strongly as we've been doing." Ethereum surged to $1,700 Friday.
Bitcoin
Bitcoin (BTC), which rose quickly during today's session as markets responded to Jerome Powell's bullish comments.
On Thursday, the Fed Chair suggested that further rate increases could be possible, saying, "My colleagues, I and I are strongly committed towards this project and will continue to work until the job's done."
These hawkish comments caused crypto prices to surge, with BTC/USD climbing to an intraday high of $21,080.49 Friday.
This rally came days after token traded at $18,527.71. That was the lowest level BTC has seen in two months.
Bitcoin is trading at its highest level since August 26th, with bulls aiming for a higher ceiling of $21,600.
The 14-day relative strength indicator (RSI), is currently at 52.29. This is the highest point in nearly a month.
Ethereum
After Powell's remarks, bitcoin and ethereum (ETH) surged on Friday.
The ETH/USD pair reached a record high of $1711.84 earlier in the day, as the token broke through a key resistance level.
ETH fell to $1,594 on Thursday. However, it was able to break through its ceiling of $1,615. This changed in today's session.
Ethereum has rallied past the resistance but also broke another ceiling at $1,700.
ETH trades at $1,705.95 as of writing. This is the highest level it has traded since August 25, when it experienced a similar breakout.
Bulls will need to increase their pressure to overcome the August peak, and possibly target $1,800.
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Could ethereum reach $1,800 this weekend Comment below to share your thoughts.
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By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: BTC Beyond $21,000, ETH Above $1,700 as Powell Remains Hawkish
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-beyond-21000-eth-above-1700-as-powell-remains-hawkish/
Published Date: Fri, 09 Sep 2022 12:45:26 +0000
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