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.
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.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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