Ethereum and Bitcoin jump as uncertainty over US inflation fades

Core inflation rose 0.6%, with consumer prices rising to 8.2%, higher than the 8.1% expected. Despite this, traders seem to have breathed a sigh of relief as the uncertainty surrounding the report has now passed. Bitcoin moved closer to $20,000 following the news.


Bitcoin moved closer to the $20,000 level on Friday as uncertainty in the crypto markets eased following the latest inflation report in the United States. Despite a larger than expected rise in consumer prices, markets reacted positively as speculation surrounding the report faded.

Read:  This graph compares the longevity of Elizabeth II with that of other monarchs in history.

Following the report, BTC hit an intraday high of $19,835.17, less than 24 hours after trading at a low of $18,642.11.

Bitcoin, Ethereum Technical Analysis: ETH and BTC rise as uncertainty over US inflation fades.

This rally has seen momentum change once again, with several indicators now leaning more towards bullish territory. The 14-day Relative Strength Index (RSI) has broken back above the 50.00 mark and is at 51.54 at the time of writing, which could see it reach a ceiling of 55.00.

If this point is reached, then we will likely see bitcoin not only above $20,000, but approaching $20,500.


Ethereum also advanced in today’s session, with the token moving back above $1,300, bumping into a key resistance point in the process. ETH peaked at $1,335.10 earlier in the day, bumping into a key resistance level, at the same time in the process.

Read:  Russia declares Greece, Denmark, Slovakia, Slovenia and Croatia as "hostile countries".

This is the highest point at which the world’s second-largest crypto-currency has traded since the beginning of the week.

Technical analysis of bitcoin and ethereum: ETH, BTC up as uncertainty over US inflation fades.

However, since hitting that high, prices have fallen slightly and the token is now trading at $1,328.51. As can be seen on the chart, this comes as the RSI has collided with a clean resistance point, which is the 46.50 mark.

For ethereum to continue to climb, the price strength will have to break through this current ceiling.

The Best Online Bookmakers April 23 2024

BetMGM Casino