On Tuesday night, bitcoin went up to a nine-month high and was worth around $26,000. Even though the value has gone down since then, most people still believe there will be an increase soon because of the recent U.S. inflation report. That report said that in the last month prices have dropped by 6%, and this caused ethereum to get up over $1,700.
Bitcoin Hits Highest Value in Six Months But Market Forces Pull it Back Down
Bitcoin (BTC) had been doing really well yesterday, getting to a point where it was nine months higher than ever before. But today, that number dropped back down although it’s still pretty high at $24,858.50. On Tuesday, BTC had even hit its strongest point in the last six months ($26,600), however shortly after reaching that peak the 14-day strength index (RSI) became too much and caused the numbers to go back down.
Right now, the value of Bitcoin is around 63.07 points and its momentum is going up. If it reaches 65.00 points, traders think that the value of Bitcoin could go up to 28,000 dollars.
Ethereum Hits Record High, But What’s Next?
Ethereum (ETH) has had a good last 24 hours and it hit an all-time high yesterday evening of $1,779.92. This means that even though ETH/USD is currently trading at a lower rate of $1,696.20 than Tuesday’s low of $1,668.69, yesterday still marked Ethereum breaking out from its previous ceiling of $1,750. However, after achieving this success, ETH has declined due to hitting the 62.00 mark on the RSI.
Right now, the ethereum index is at 57.21, meaning that yesterday’s gains are continuing to be held by the bulls. If things keep going down, there may be a floor at 55.00 soon. If you want updates on the price of ethereum each week, sign up here to get them sent straight to your inbox! Will ethereum make it to $1800 this week? Let us know what you think in the comments.