Ethereum moves back above $1,200 as Bank of Japan policy decision impacts markets

The bank adjusted its yield curve control, which increased its cap on the 10-year government bond, allowing moves of up to 50 basis points (bps), up from 25 bps. Bitcoin also rose following the decision, moving closer to $17,000.

Bitcoin

Bitcoin moved closer to the $17,000 level on Tuesday as traders reacted to the Bank of Japan’s latest policy decision. BTC jumped to a high of $16,837.65 earlier in today’s session, less than 24 hours after hitting a low of $16,398.14.

Today’s move saw the token move above a key resistance level of $16,700, with prices hitting a four-day high in the process.

Technical analysis of bitcoin and ethereum: Ethereum rises back above $1,200 as Bank of Japan decision impacts markets.

Looking at the chart, the rise occurred when the 14-day relative strength index (RSI) broke out of a ceiling at the 46.00 level. At the time of writing, the index is currently at the 46.61 level, which is its strongest point since last Thursday.

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If the index continues its upward trend, we will likely see signs of improvement. BTC will exceed the $17,000 level in the coming days.

Ethereum

In addition to bitcoin, ethereum also trended higher on Tuesday, as it once again reached the $1,200 region. After a low of $1,160.38 earlier in the week, ETH hit a high of $1,214.73 earlier in the day.

This is despite the fact that there has been a recent downward crossover between the 10-day (red) and 25-day (blue) moving averages.

Technical analysis of bitcoin and ethereum: Ethereum drops back above $1,200 as Bank of Japan policy decision impacts markets.

At the time of writing, the world’s second-largest crypto-currency looks set to collide with higher resistance at the $1,230 level. This may prove difficult, however, as the 14-day RSI is now hovering directly below a ceiling at 47.00.

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If this key threshold is broken, we will likely see more action from the BoE. Bulls are re-entering the market. ETH moves back above $1,200 as Bank of Japan policy decision impacts markets

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