Bitcoin, Ethereum Technical Analysis: BTC Beyond $21,000, ETH Above $1,700 as Powell Remains Hawkish

Bitcoin rose by over $2,000 in the last 24 hours, as markets responded to bullish comments from United States Federal Reserve Chair Jerome Powell. Speaking yesterday, Powell stated, “We need to act now, forthrightly, strongly as we have been doing.” Ethereum also surged, moving above $1,700 on Friday.

Bitcoin

Bitcoin (BTC) rose rapidly during today’s session, as markets responded to bullish comments from Jerome Powell.

Speaking on Thursday, the Fed Chair hinted at further rate hikes, stating that, “My colleagues and I are strongly committed to this project and we will keep at it until the job is done.”

As a result of these hawkish comments, crypto prices surged, with BTC/USD racing to an intraday peak of $21,080.49 on Friday.

BTC/USD – Daily Chart

The rally comes days after the token was trading at a low of $18,527.71, which was the lowest point BTC had hit in two months.

Bitcoin is now trading at its highest point since August 26, with bulls seemingly targeting a higher ceiling of $21,600.

As of writing, the 14-day relative strength index (RSI) is tracking at 52.29, which is its strongest point in almost a month.

Ethereum

In addition to bitcoin, the world’s second largest cryptocurrency, ethereum (ETH), also surged on Friday following Powell’s comments..

ETH/USD raced to a high of $1,711.84 earlier today, which comes as the token moved past a key resistance point.

Following a low of $1,594 on Thursday, ETH struggled to break out of its ceiling at $1,615, however that changed earlier in today’s session.

ETH/USD – Daily Chart

Ethereum rallied beyond not only the aforementioned resistance, but has since broken another ceiling at the $1,700 mark.

As of writing, ETH is trading at $1,705.95, which is its strongest level since August 25, following a similar break out.

In order to overcome the peak seen in late August, bulls will likely need to intensify their pressure, possibly targeting $1,800 in the process.

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

Could we see ethereum hit $1,800 this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in 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.

Comments (No)

Leave a Reply

Advantages of Using Cryptocurrency
The Evolution of Cryptocurrency
How to Trade With The FutureTrade
How Crypto Marketing is Emerging
Astrology NFT project ‘Lucky Star Currency’ rugged for over $1m – Certik
What is going on with Sam Bankman-Fried’s defense?
South Korean UPbit counters 1,800% surge in hacking attempts with AI-driven security measures
Crypto investment products see largest inflows since July — CoinShares
Gods Unchained: The Ultimate Guide
Boost Your Business with These AI Marketing Tools
Best AI Profile Pic Generators in 2023
Shazane Nazaraly’s Inspiring Journey to Launching Ares Corporation
Decentraland Hosts An Ugly Sweater Wearable Competition For Xmas!
Next Earth Introduces LAND Descriptions For Its Metaverse Plots
Degen Toonz & CULT&RAIN Lead the Way in Digital Fashion
Degen Toonz & CULT&RAIN Lead the Way in Digital Fashion