Ethereum edged closer to the $1,700 level on Wednesday as markets reacted to comments from US Federal Reserve Chairman Jerome Powell. Speaking after Tuesday’s session, Powell hinted that the Fed could continue raising rates, should the data show the need for action. Bitcoin was also boosted by the news, climbing back into the $23,000 region.
Bitcoin
Bitcoin (BTC) rose on Wednesday, following comments from Federal Reserve Chairman Jerome Powell.
Speaking yesterday, Powell said: “The reality is that we are going to react to the data. So if we continue to get, say, strong labor market reports or higher inflation reports, we may have to do more and raise rates more than expected.
BTC/USD hit an intraday high of $23,367.96 earlier today, less than 24 hours after hitting a low of $22,781.95.
Looking at the chart, the move pushed bitcoin to its strongest point in four days, and came as the 14-day Relative Strength Index (RSI) bottomed out.
The index peaked at 65.00, but the momentum was not strong enough to break out of that point.
At the time of writing, the index sits at 62.92, with BTC falling off previous highs and currently trading at $23,195.36.
Ethereum
Ethereum (ETH) extended its recent gains today, with prices breaking a key resistance point in the process.
After a low of $1,628.67 on Tuesday, ETH/USD hit a high of $1,688.53 in the day’s session of the bump.
Following today’s gains, the world’s second largest cryptocurrency broke above a resistance level at $1,675.
Similar to bitcoin, the move pushed ETH to its highest level since Saturday, with the RSI also hitting a four-day high.
At the time of writing, the index stands at 62.97, which is slightly below a high at 64.00.
ETH bulls will likely attempt to break through this resistance in the coming days, which will inevitably mean prices moving back above $1,700.
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