Bitcoin was trading marginally higher on Wednesday, as markets prepared for the upcoming U.S. inflation report. Cryptocurrencies have mostly consolidated ahead of the release, which many believe could trigger further action from the Federal Reserve Bank. Ethereum was also higher, as the token rose above $1,300.
Following two consecutive days of declines, bitcoin (BTC) was back in the green on Wednesday ahead of the U.S. inflation report.
The world’s largest cryptocurrency rose to a high of $19,241.96, less than 24 hours after hitting a bottom of $18,925.60.
Today’s move saw the token edge closer to its recent resistance level of $19,300, moving away from a one-week low in the process.
BTC/USD – Daily Chart
Looking at the chart, it can be seen that prices have fallen from earlier highs, and as of writing, sit just above the $19,100 mark.
This seems to have come as the 14-day relative strength index (RSI) nears a collision with a ceiling of 44.55.
Currently, the index is tracking at 44.35, and should BTC bulls intend to take prices back above $19,300, the first step would be to overcome this upcoming obstacle.
Ethereum (ETH) was also marginally higher in today’s session, as prices rebounded from recent losses.
Following a low of $1,272.74 on Tuesday, ETH/USD raced to an intraday peak of $1,303.08 earlier in the day.
Since breaking out of its $1,275 price floor yesterday, ethereum bulls have reentered the market, with bearish sentiment beginning to fade.
ETH/USD – Daily Chart
As seen from the chart, the 10-day (red) moving average seems to have crossed over its 25-day (blue) counterpart.
This typically signals the start of a bull run, however, with the current level of volatility in the market, it is likely that we may see more consolidation.
The RSI, which is currently tracking at 41.45, is moving closer to a ceiling of 42.80, which may be the hurdle that needs to be broken, prior to any further surges.
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Do you expect ethereum to move towards $1,400 this week? Leave your thoughts in the comments below.
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.
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