Bitcoin, Ethereum Technical Analysis: ETH Climbs Above $1,200 Ahead of US Consumer Confidence Report
Ethereum rose back above $1,200 on Tuesday, ahead of the upcoming consumer confidence report from the United States. The price comes following a breakout above a key resistance level of $1,180. Bitcoin also climbed higher in today’s session, ending a five-day losing streak.
Bitcoin (BTC) snapped a five-day losing streak on Tuesday, as prices moved away from a recent point of support.
Following a low of $16,054.53 to start the week, BTC/USD surged to an intraday high of $16,522.26 earlier today.
This surge saw bitcoin climb from its aforementioned price floor $16,175, which has been in play since earlier in the month of November.
Looking at the chart, although prices have surged, it will be a test to see if this momentum can be maintained, due to the relative strength index (RSI) colliding with a ceiling.
As of writing, the index is hovering marginally above a ceiling of 41.00, with a current reading of 41.12.
Should price strength continue in an upward direction, we could see more bulls entering the market, taking BTC closer to $17,000.
In addition to BTC, ethereum (ETH) also moved higher on Tuesday, ahead of the U.S consumer confidence report.
The Conference Board consumer confidence survey is expected to come in at a reading of 100, which is marginally below October’s reading of 102.5.
ETH/USD was back above $1,200 on Tuesday, hitting a high of $1,216.52 earlier in today’s session.
As can be seen from the chart, the move, which ended two straight days of losses, pushed ethereum to its highest point since Saturday.
Overall, this move comes as the RSI raced above its point of resistance at 43.70, and it is currently tracking at 46.10 as of writing.
A ceiling of $1,230 now awaits ethereum bulls, and should they overcome this hurdle, a move towards $1,300 will be on the cards.
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Will ethereum hit $1,300 before the end of the month? Leave your thoughts in the comments below.