Bitcoin, Ethereum Technical Analysis: BTC Nears $25,000 While ETH Hits $1,700
Bitcoin (BTC) hit an all-time high on Thursday as its price surely moved closer to the long-coveted $25,000 mark. After a low of $22,664.48 on Wednesday, BTC/USD manages to reach a high of $24,769.24 for the first session today and today’s move propels the world’s largest cryptocurrency above the ceiling of $24,200 and in the process it is its highest point since 20 Aug. Looking at the chart, we can say that the 14-day Relative Strength Index has also crossed its own high at 65.00 and at the time of writing this Core Strength is currently at a reading of 69.36, after almost 2 weeks. Its highest high has formed and the next visible point of resistance seems to be at the 75.00 mark, and if the bulls run for this level, we can say that BTC has the potential to move further above $25,000.
Ethereum (ETH) also showed significant gains today and its price rallied towards $1,700. Ethereum hit a high of $1,700.85 earlier in the day today, appearing in less than 24 hours after trading at a low of $1,572.99. As a result of this move, we can see that after breaking the ceiling of $1675, Ethereum has moved higher for 2 weeks as it has hit the resistance at the level of 63.00 on the Relative Strength Index. Its core power at the time of writing is hovering at 61.61, which appears slightly below the above range and if this lamp If it breaks above, its bulls could attempt to move deeper into the $1,700 area.
