Ethereum was trading higher on Friday as market volatility eased, following the latest US inflation report. Core inflation rose 0.6%, with consumer prices up 8.2%, higher than 8.1% expected. Despite this, traders appear to have breathed a sigh of relief as the uncertainty surrounding the report has passed. Bitcoin approached $20,000 on the news.
Bitcoin (BTC) moved towards the $20,000 level on Friday as uncertainty in the crypto markets subsided, following the latest US inflation report.
Despite consumer prices rising more than expected, markets reacted positively as speculation surrounding the report faded.
As a result of the report, BTC/USD rose to an intraday high of $19,835.17, less than 24 hours after trading as low as $18,642.11.
This rally has seen a change in momentum once again, with several indicators now leaning more towards bullish territory.
The 14-day Relative Strength Index (RSI) is now back above the 50.00 mark and is at 51.54 at time of writing, potentially on track for a 55.00 top.
If this point is reached, it is likely that we will see Bitcoin not only above $20,000, but also approaching $20,500.
Ethereum also rose in today’s session as the token climbed back above $1,300, hitting a key resistance point in the process.
ETH/USD rose to a high of $1,335.10 earlier in the day, hitting a key resistance level, at the same point in the process.
This is the highest point the world’s second largest cryptocurrency has traded at since the start of the week.
However, since reaching this high, prices are now marginally lower and the token is now trading at $1,328.51.
As you can see on the chart, this occurs when the RSI hit a resistance point of its own, which is the 46.50 mark.
For Ethereum to continue rising, price strength will need to move above this current ceiling.
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Do you expect the bullish pressure to continue through the weekend? Leave your thoughts in the comments below.
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