Bitcoin & Ethereum Rally To New Highs: Technical Analysis & Breakdown Of BTC & ETH Price Movements

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Friday was a big day for Bitcoin and Ethereum as they each hit new highs of $27,000 and beyond. This newfound success by these two digital currencies might be thanks to the U.S. Federal Reserve’s recent pledge to support banks with up to an impressive $152.9 billion!

The value of Bitcoin (BTC) rose again today above the amount of $27,000. The reason that made this happen is because the U.S government decided to add more money into its economy.

Starting at a low price of $24,624.74 on Thursday, BTC/USD shot up to a peak level of $27,002.39 during the day. This means that Bitcoin increased and reached its highest price since 2022 when it was priced over $28,500.

Right now, two different types of averages seem to show that the stock market might be going up which is good news. The 10-day average (in red) and 25-day average (in blue) are close to each other.

On top of that, a thing called the 14-day Relative Strength Index (RSI) just went above 67.00 and it’s currently tracking at 70.09 which is its highest reading since February. This could mean that things look promising for the stock market.

Today, the Ethereum values skyrocketed well above $1,700. Just yesterday it was near $1,640. Moving past a current price boundary of $1,720 was no issue for ETH/USD. Soon enough, leading cryptocurrency analysts think that the 10-day (red) and 25-day (blue) moving averages will cross with each other in an upward fashion!

If the chart for Ethereum (ETH) passes its RSI threshold of 65.00, it will probably trade above $1,800! If you’d like to stay updated with ETH’s price analysis each week, register your email here. Do you think Ethereum could reach $1,800 this weekend? Leave a comment to let us know what you think!