Crypto prices surged in today’s session, as markets continued to react to the Federal Reserve’s latest interest rate hike. The Fed opted to raise rates by 75 basis points (bps) for a second consecutive meeting. Bitcoin briefly rose above the $23K mark earlier in the day, with ethereum rallying to a fresh six-week high over the $1,600 mark.
The move by the bank to boost the federal funds rate by 0.75% pushed bitcoin to an intraday high of $23,358.34 earlier in today’s session.
As of writing, this is the highest level BTC/USD has hit since last Friday, June 22, when prices were held close to a resistance level of $24,000.
Looking at the chart, earlier gains have somewhat eased, with some bulls opting to abandon their positions, as opposed to attempting to extend the uptrend, leading to bitcoin now trading at $22,949.05.
This may have occurred due to the fact that the 14-day relative strength index (RSI) collided with a ceiling of its own, at 57.
Should traders hope to push the token back above $23,000, this ceiling will need to be broken.
In addition to bitcoin, ethereum (ETH) was also in the green on Thursday, as prices moved past a key resistance level.
ETH/USD briefly broke out of its resistance point at $1,645 in today’s session, hitting a high of $1,666.88 in the process.
This was the highest price for ethereum since June 10, when prices were trading at a high above $1,800.
However, like bitcoin, earlier bullish momentum has given way as today’s session has progressed, with the token now trading at $1,619.57.
Looking at the chart, it now appears as if the earlier rally above the ceiling of $1,645 might be a false breakout.
In addition to this, the RSI is now tracking at 62.58, which is relatively near the next resistance point of 66, which might have prompted bulls to exit, thus avoiding the imminent obstacle.
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum climb to a high of $1,700 by the end of the week? Leave your thoughts in the comments below.
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.