ETH moves above $1,800 as BTC approaches $28,000 – market updates

Ethereum Climbed above $1,800 for the first time since August as markets continued to react to the Fed’s decision to inject $300 billion into the economy. This follows the recent banking crisis, which saw companies like Silicon Valley Bank collapse. Bitcoin approached $28,000 in today’s session.

Bitcoin

Bitcoin (BTC) closed at the $28,000 level at the start of the weekend as markets continued to react to the Federal Reserve’s decision to inject liquidity into the US economy.

BTC/USD jumped to an intraday high of $27,787.81 earlier in the day after falling to a low of $26,209.29 on Friday.

As a result of the move, Bitcoin climbed to a fresh nine-month high, which is its strongest point since June 2022.

Looking at the chart, the surge took place as the 10-day moving average (red) crossed its 25-day counterpart (blue).

In addition, the 14-day relative strengthindex (RSI) continues to gain traction and is moving deeper into the overbought territory.

At the time of writing, the index is trading at 72.53, which is the strongest reading for the index since February 2nd.

Ethereum

Additionally, Ethereum (ETH) continued to climb higher on Saturday as prices surged above the $1,800 level.

After hitting a low of $1,707.95 on Friday, ETH/USD raced to a high of $1,821.31 earlier in today’s session.

Through this move reached the second largest cryptocurrency the world’s highest level since August 19.

Overall, Ethereum is now up nearly 27% over the past seven days, which, like BTC, has led to an upside cross on the moving averages.

Additionally, price strength is now firmly in the bullish territory with the RSI currently sitting at 67.11.

This is slightly above a ceiling at 67.00 with the next visible resistance point at 75.00.

Register your email address here to receive weekly price analysis updates in your inbox:

Could Ethereum Hit $2,000 This Month? Leave your thoughts in the comments below.

Eliman Damell

Eliman was previously a director of a London based brokerage firm while also being an onlineTrading-Teacher. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

photo credit: Shutterstock, Pixabay, WikiCommons