Friday, September 29, 2023

Bitcoin, Ethereum Technical Evaluation: BTC Rises to $29,000 for First Time Since Final June

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Bitcoin rose above $29,000 on Thursday, as worth moved to its strongest level since final June. The surge got here regardless of some consolidation in cryptocurrency markets, forward of the upcoming U.S. GDP report. Ethereum was additionally greater, because it continued to commerce above $1,800.


Bitcoin (BTC) moved to its highest level in 9 months, regardless of cryptocurrencies largely consolidating forward of the upcoming U.S. GDP report.

Following a low of $28,155.83 on Wednesday, BTC/USD raced to an intraday peak of $29,159.90 earlier within the session.

On account of this surge in worth, bitcoin climbed above the $29,000 stage for the primary time since June 10.

Wanting on the chart, the transfer got here as BTC briefly broke out of a resistance at $28,500, with the relative power index (RSI) transferring previous an identical threshold.

As of writing, the index is monitoring on the 65.27 stage, which is marginally above its ceiling at 65.00.

Total, BTC bulls have moved to safe a few of their earlier positive factors, with the worth now buying and selling at $28,582.20.


Ethereum (ETH) continued to commerce above $1,800 on Thursday, nonetheless sentiment shifted after it did not maintain a breakout at a key level.

ETH/USD rose to a excessive of $1,827.28 on Thursday, which comes lower than 24 hours after the worth was at a low of $1,776.64.

Though marginally transferring above its aforementioned ceiling at $1,825, ethereum bulls had been unable to keep up upward momentum.

As of writing, ETH is buying and selling at $1,800.78, which coincides with the RSI hovering round its latest resistance stage at 58.00.

The index is at present monitoring at 58.25, with a transfer beneath the 58.00 stage virtually definitely to set off additional declines.

Momentum additionally seems to be slowing, with the 10-day (purple) transferring common nearing a downward crossover.

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Might we see ethereum rally earlier than the tip of the week? Go away your ideas within the feedback beneath.

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