Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 6-Week Highs as Dollar Loses Steam

Bitcoin roseate to its highest level successful six weeks connected Wednesday, arsenic the U.S. Dollar continued to weaken versus respective G7 currencies. The latest diminution successful USD comes arsenic user assurance successful the United States fell by much than expected successful October. Ethereum was besides trading astatine a multi-week precocious successful today’s league

Bitcoin

Bitcoin (BTC) was backmost supra $20,000 during today’s session, arsenic crypto bulls pushed prices to a multi-week precocious portion the U.S. dollar mislaid strength.

Following a debased of $19,278.74 yesterday, BTC/USD raced to an intraday precocious of $20,702.72 connected Wednesday.

Today’s determination sees the world’s largest cryptocurrency deed its strongest constituent since September 13, erstwhile prices were adjacent to $23,000.

BTC/USD – Daily Chart

Looking astatine the chart, Wednesday’s surge comes arsenic bullish unit was yet capable to intensify, moving beyond the absorption of $19,600 successful the process.

The 14-day comparative spot scale (RSI) besides moved higher, breaking retired of a ceiling of 53.00, connected its mode to a existent speechmaking of 63.75.

This is the highest constituent the scale has deed since March, erstwhile the token was trading astatine implicit $40,000.

Ethereum

In summation to bitcoin, ethereum (ETH) besides made important gains connected Wednesday, rising supra $1,500 successful the process.

ETH/USD surged by arsenic overmuch arsenic 15% earlier successful today’s session, hitting a highest of $1,542.35 successful the process.

As seen with BTC above, today’s rally saw ethereum emergence to its highest level since mid-September.

ETH/USD – Daily Chart

Following today’s emergence successful price, the RSI moved to a precocious of 69.29, which is the astir it has tracked astatine since August.

The 10-day (red) and 25-day (blue) moving averages person besides maintained their caller upward momentum, which could beryllium a motion of adjacent further mid-term gains.

Should today’s momentum continue, we could spot bulls effort to deed a ceiling of $1,650.

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Could ethereum scope $2,000 successful November? Leave your thoughts successful the comments below.

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