Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,200 as Bank of Japan Policy Decision Impacts Markets

Ethereum roseate backmost supra the $1,200 level connected Tuesday, arsenic the dollar rebounded pursuing the latest Bank of Japan (BOJ) argumentation decision. The slope adjusted its output curve control, which accrued its headdress connected the 10-year authorities bond, allowing moves of up to 50 ground points (bps), up from 25 bps. Bitcoin besides roseate connected the news, climbing person to $17,000

Bitcoin

Bitcoin (BTC) moved person to the $17,000 level connected Tuesday, arsenic traders reacted to the latest Bank of Japan argumentation decision.

BTC/USD surged to a highest of $16,837.65 earlier successful today’s session, little than 24 hours aft hitting a debased of $16,398.14.

Today’s determination saw the token ascent supra a cardinal absorption level of $16,700, with prices rising to a four-day precocious successful the process.

BTC/USD – Daily Chart

Looking astatine the chart, the surge took spot arsenic the 14-day comparative spot scale (RSI) broke retired of a ceiling astatine the 46.00 level.

As of writing, the scale is presently tracking astatine the 46.61 mark, which is its strongest constituent since past Thursday.

Should the scale proceed this upward trend, we volition apt spot BTC determination supra the $17,000 level successful the coming days.

Ethereum

In summation to bitcoin, ethereum (ETH) besides trended higher connected Tuesday, arsenic it erstwhile again roseate into the $1,200 region.

Following a debased of $1,160.38 to commencement the week, ETH/USD raced to a highest of $1,214.73 earlier successful the day.

This comes contempt the information that determination has been a caller downward crossover betwixt the 10-day (red) and 25-day (blue) moving averages.

ETH/USD – Daily Chart

As of writing, the world’s 2nd largest cryptocurrency seems acceptable to collide with a higher absorption astatine the $1,230 level.

This could beryllium to beryllium challenging however, with the 14-day RSI present hovering straight beneath a ceiling astatine 47.00.

Should determination beryllium a interruption of this cardinal threshold, we volition apt spot much ETH bulls reenter the market.

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Will we spot today’s bull tally proceed passim the week? Leave your thoughts successful the comments below.

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