Bitcoin surged above $24,000 on Feb. 02 as markets continued to react to the Federal Reserve’s recent policy decision. On Wednesday, the central bank raised interest rates by 25 basis points while signaling that further rate hikes could be on the cards. Ethereum also rallied, with prices approaching $1,700.
Bitcoin
Bitcoin (BTC) surged to a six-month high on Thursday, with prices climbing above $24,000 for the first time since August.
The move came as the Federal Reserve decided to hike interest rates by 25 basis points at its last monetary policy meeting.
As a result, BTC/USD surged to an intraday high of $24,167.21 less than 24 hours after trading at a low of $22,877.75.
BTC/USD daily chart
In Thursday’s surge, the world’s largest cryptocurrency surged to its strongest point since Aug. 16, when prices peaked at $24,448.
This came as the 14-day Relative Strength Index (RSI) pulled away from its recent bottom at 68.00 and is now being tracked at 74.10.
Should price strength continue at this rate, 77.00 resistance level will likely be a target for current bulls.
ether
Ethereum (ETH) has also gained significantly over the past 24 hours as traders pushed prices close to $1,700.
After hitting a low of $1,566.86 on Wednesday, ETH/USD raced to a high of $1,689.07 earlier in today’s session.
This price rally saw Ethereum reach its highest level since September 12, when ETH peaked at $1,761.
ETH/USD daily chart
Looking at the chart, today’s five-month high came as ETH broke its long-term price cap at $1,670.
Despite breaking one resistance point, Ethereum bulls are rapidly approaching another, with the Relative Strength Index (RSI) nearing a ceiling at 68.00.
Currently the index is hovering around 65.19 with earlier bulls likely to consider taking profits before a full collision.
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Do you expect Ethereum to surge above $1,700 this week? Leave your thoughts in the comments below.
Elijah Dambell
Eliman brings an eclectic viewpoint to market analysis. Previously he was Brokerage Director and Online Trading Instructor. He currently acts as a commentator for various asset classes including crypto, stocks and forex while also being a startup founder.
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