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Home Bitcoin (BTC)

ETH Moves Higher as Markets Continue to React to US Inflation Report – Bitcoin News

btclive365 by btclive365
November 11, 2022
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Ethereum was trading higher on Friday, as cryptocurrency markets continued to rebound, following yesterday’s U.S. inflation report. The better-than-expected 7.7% CPI (consumer price index) figure for October boosted prices, following recent bearish sentiment. Bitcoin briefly climbed back above the $18,000 level on Friday.

Bitcoin

Bitcoin (BTC) moved higher on Friday, as the token rebounded following a recent spell of relatively large sell-offs.

Following a low of $16,290.27 on Thursday, BTC/USD surged to an intraday peak of $18,054.31 earlier in the day.

The move came as the world’s largest cryptocurrency continued to move away from a key support point of $15,800.

Bitcoin, Ethereum Technical Analysis: ETH Moves Higher as Markets Continue to React to US Inflation Report
BTC/USD – Daily Chart

As can be seen from the chart, this surge occurred as the 14-day relative strength index (RSI) also rebounded from a recent six-month low.

Currently, BTC is trading at $17,339.58, with the index tracking at 36.89, which is below a long-term resistance point of 39.00.

In order for BTC/USD to continue this current momentum, the RSI ceiling will first need to be broken.

Ethereum

Ethereum (ETH) rose by as much as 8% in today’s session, as the token briefly recaptured the $1,300 level.

Soon after the U.S. inflation report was released, ETH/USD rose to a peak of $1,341.79, moving away from earlier lows of $1,199.24.

The token continues to trade above yesterday’s bottom, and as of writing is residing at the $1,272.95 mark.

Bitcoin, Ethereum Technical Analysis: ETH Moves Higher as Markets Continue to React to US Inflation Report
ETH/USD – Daily Chart

Looking at the chart, the 10-day (red) moving average (MA) looks to be on the cusp of a downward cross with the 25-day (blue) MA.

Typically, such a move signals the beginning of a downward trend, which could mean that we have not yet reached a bottom.

Should this be the case, bears will likely be targeting a breakout below $1,000, after failing to move beyond this point earlier in the week.

Register your email here to get weekly price analysis updates sent to your inbox:

Could ethereum slip below $1,000 in the coming days? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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