Bitcoin Surges to 9-Month High, Ethereum Passes $1,700 Mark

• Bitcoin (BTC) briefly surged to a nine-month high late on Tuesday, as prices moved above the $26,000 mark.
• Ethereum (ETH) also moved higher in the last 24-hours, hitting a seven-month high in the process.
• The 14-day relative strength index (RSI) for BTC and ETH is nearing a ceiling of 65.00 and 62.00 respectively.

Bitcoin Surges to Nine Month High

Bitcoin (BTC) briefly surged to a nine-month high late on Tuesday, as prices moved above the $26,000 mark. Consumer prices fell to 6% last month, with ethereum climbing above $1,700 as a result. Bitcoin chart by TradingView showed that overall momentum remains higher, with the 10-day (red) moving average trending upwards.

Ethereum Reaches Seven Month High

Ethereum (ETH) also moved higher in the last 24-hours, hitting a seven-month high in the process. Following a high of $1,779.92 yesterday evening, ETH/USD is now trading at $1,696.20 which is still marginally higher than Tuesday’s low of $1,668.69. Ethereum chart by TradingView showed that since accomplishing this feat ETH has since declined following a collision with the 62.00 level on the RSI .At the time of writing,the index is now tracking at 57.21 ,with ethereum bulls continuing to secure yesterday’s gains .A floor at 55 could be possible target for sellers should prices continue to decline in coming days .

Relative Strength Index for BTC and ETH

The 14 day relative strength index (RSI) for BTC and ETH are nearing their respective ceilings of 65 and 62 respectively .Currently ,the index is tracking at 63 for BTC while 57 for ETH ,however overall momentum remains higher .Should these ceilings be eventually broken ,bulls will likely push both cryptocurrencies towards their respective resistance levels at 28k and 1 800 respectively .

Current Price Analysis For Both Cryptocurrencies

At present , bitcoin(BTC/USD )is trading at 24 858 while ethereum(ETH/USD )at 1696 as they have fallen from their respective highs earlier this week due to RSI approaching their respective ceilings .However ,overall sentiment remains bullish owing to US inflation report which saw consumer prices fall below 6%.

Conclusion

In conclusion ,both cryptocurrencies have seen increased activity this week with Bitcoin surging to 9 month highs followed by Ethereum reaching 7 month peak as well .Although recent declines have been recorded due to RSI nearing its ceiling there still remains an underlying bullish sentiment owing to US inflation report .