Bitcoin, Ethereum Technical Analysis: BTC Jumps to 6-Month High Above $24,000

Bitcoin surged supra $24,000 connected Feb. 02, arsenic markets continued to respond to the latest U.S. Federal Reserve argumentation decision. On Wednesday, the cardinal slope moved to summation rates by 25 ground points, portion signaling that further hikes could beryllium connected the cards. Ethereum besides rallied, with prices nearing $1,700.

Bitcoin

Bitcoin (BTC) roseate to a six-month precocious connected Thursday, with prices climbing supra $24,000 for the archetypal clip since August.

The determination came arsenic the Federal Reserve opted to summation involvement rates by 25 ground points successful its latest argumentation meeting.

As a result, BTC/USD roseate to an intraday precocious of $24,167.21, little than 24-hours aft it was trading astatine a debased of $22,877.75.

BTC/USD – Daily Chart

Thursday’s surge saw the world’s largest cryptocurrency ascent to its strongest constituent since August 16, erstwhile prices reached a highest of $24,448.

This took spot arsenic the 14-day comparative spot scale (RSI) moved distant from a caller level astatine 68.00, and is present tracking astatine 74.10.

Should terms spot proceed connected this course, a absorption level of 77.00 volition apt beryllium a people for existent bulls.

Ethereum

Ethereum (ETH) besides made important gains successful the past 24 hours, arsenic traders pushed prices adjacent to the $1,700 mark.

Following a debased of $1,566.86 connected Wednesday, ETH/USD raced to a highest of $1,689.07 earlier successful today’s session.

This rally successful terms saw ethereum determination to its highest people since September 12, erstwhile ETH reached a apical astatine $1,761.

ETH/USD – Daily Chart

Looking astatine the chart, today’s five-month precocious came arsenic ETH broke retired of its semipermanent terms ceiling astatine $1,670.

Although 1 constituent of absorption has been broken, ethereum bulls are accelerated approaching another, with the comparative spot scale (RSI) nearing a ceiling astatine 68.00.

Currently, the scale is tracking astatine 65.19, with earlier bulls apt to see taking profits earlier a afloat collision occurs.

Register your email present to get play terms investigation updates sent to your inbox

Do you expect ethereum to determination supra $1,700 this week? Leave your thoughts successful the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.