Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday

Bitcoin moved to $17,000 connected Wednesday, arsenic markets continued to digest the U.S. user assurance report. Confidence amongst consumers fell to its lowest level since July, contempt ostentation easing successful the world’s largest economy. Ethereum remained higher, edging person to $1,300.

Bitcoin

Bitcoin (BTC) concisely roseate supra $17,000 successful today’s session, arsenic traders reacted to the latest U.S. user assurance report.

Despite falling to a six-month low, the diminution successful assurance was little than expected, which was a comparatively affirmative motion for markets.

Following a debased of $16,366.66, BTC/USD roseate to an intraday highest of $17,021.67 earlier successful the day.

BTC/USD – Daily Chart

However, pursuing the breakout of $17,000, which has besides been a semipermanent absorption level, immoderate earlier bulls moved to unafraid gains, exiting their positions successful the process.

As of writing, BTC is trading astatine $16,832.07, with the 14-day comparative spot scale (RSI) tracking astatine 45.72, beneath a ceiling of 46.00.

Should terms spot proceed successful an upward direction, and determination beyond this upcoming obstacle, past bitcoin could widen today’s rally.

Ethereum

Like BTC, ethereum (ETH) besides moved higher connected Wednesday, arsenic prices surged for a 2nd occurrence session.

ETH/USD deed a highest of $1,276.55 earlier successful today’s session, which comes little than 24-hours aft trading astatine a debased of $1,205.78.

As a effect of today’s gains, the world’s 2nd largest cryptocurrency deed its highest constituent since November 15.

ETH/USD – Daily Chart

Looking astatine the chart, the determination has pushed the 10-day (red) moving mean person to its 25-day (blue) counterpart, with an upward crossover imminent.

In summation to this, the RSI is present tracking astatine 51.27, which is supra a cardinal absorption level astatine the 50.00 mark.

The people for ETH bulls appears to beryllium the $1,300 level, which was past deed connected November 11, erstwhile the coin was astatine a highest of $1,307.

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Do you expect ethereum to commencement December supra $1,300? Leave your thoughts successful the comments below.

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