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.

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.

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.

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.

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