Crypto News

BTC, ETH Hit 6-Week Highs as Dollar Loses Steam – Market Updates Bitcoin News

Bitcoin rose to its highest stage in six weeks on Wednesday, as the U.S. Dollar continued to weaken versus a number of G7 currencies. The newest decline in USD comes as shopper confidence within the United States fell by greater than anticipated in October. Ethereum was additionally buying and selling at a multi-week excessive in as we speak’s session

Bitcoin

Bitcoin (BTC) was again above $20,000 throughout as we speak’s session, as crypto bulls pushed costs to a multi-week excessive whereas the U.S. greenback lost power.

Following a low of $19,278.74 yesterday, BTC/USD raced to an intraday excessive of $20,702.72 on Wednesday.

Today’s transfer sees the world’s largest cryptocurrency hit its strongest level since September 13, when costs had been near $23,000.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 6-Week Highs as Dollar Loses Steam
BTC/USD – Daily Chart

Looking on the chart, Wednesday’s surge comes as bullish stress was lastly in a position to intensify, shifting past the resistance of $19,600 within the course of.

The 14-day relative power index (RSI) additionally moved larger, breaking out of a ceiling of 53.00, on its method to a present studying of 63.75.

This is the very best level the index has hit since March, when the token was buying and selling at over $40,000.

Ethereum

In addition to bitcoin, ethereum (ETH) additionally made important positive aspects on Wednesday, rising above $1,500 within the course of.

ETH/USD surged by as a lot as 15% earlier in as we speak’s session, hitting a peak of $1,542.35 within the course of.

As seen with BTC above, as we speak’s rally noticed ethereum rise to its highest stage since mid-September.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 6-Week Highs as Dollar Loses Steam
ETH/USD – Daily Chart

Following as we speak’s rise in value, the RSI moved to a excessive of 69.29, which is probably the most it has tracked at since August.

The 10-day (purple) and 25-day (blue) shifting averages have additionally maintained their latest upward momentum, which might be an indication of even additional mid-term positive aspects.

Should as we speak’s momentum proceed, we may see bulls try to hit a ceiling of $1,650.

Register your electronic mail right here to get weekly value evaluation updates despatched to your inbox:

Could ethereum attain $2,000 in November? Leave your ideas within the feedback beneath.

Eliman Dambell

Eliman brings an eclectic viewpoint to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. Currently, he acts as a commentator throughout varied asset lessons, together with Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational functions solely. It will not be a direct supply or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the company nor the creator is accountable, immediately or not directly, for any injury or loss prompted or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or companies talked about on this article.

Back to top button