Bitcoin Inches Closer to $31k while Ethereum Reaches 11-Month High: A Technical Analysis

"Bitcoin surges towards $31,000 ahead of US retail sales data, Ethereum hits eleven-month high"

Bitcoin made significant gains on Friday, inching closer to the $31,000 mark, ahead of the release of retail sales data from the United States. It is expected that sales will remain flat, while overall consumer sentiment is forecasted to rise to 62.7, from a reading of 62.0. Ethereum also experienced an upward trend, hitting an eleven-month high.

Bitcoin (BTC) continued its positive momentum on Friday, as traders pushed the price close to the $31,000 mark. BTC/USD surged to a peak of $30,848.46 earlier in the day, a day after trading at a low of $30,160.59. This recent surge in momentum has sent the relative strength index (RSI) deep into overbought territory. At the time of writing, the index is tracking at 72.18, which is marginally higher than a peak at 72. A reading above 73.00 would likely result in BTC trading beyond $31,000.

Ethereum (ETH) also continued its upward trend, following its recent Shapella update, with the price surging above $2,100. After hitting a low of $1,987.05 on Thursday, ETH/USD moved to a peak of $2,126.32 earlier in the day. As a result of this surge in price, the world’s second-largest cryptocurrency hit its highest level since last May. Like with BTC, ETH’s RSI is overbought, with the index at a reading of 75.29 at the time of writing. A higher ceiling at 80.00 now awaits current bulls in the market.

It remains to be seen if Ethereum can hit $3,000 in April, but the current market conditions suggest that it is a possibility. The upward trend in both BTC and ETH prices has been attributed to a variety of factors, including increased institutional adoption, a growing interest in cryptocurrency from retail investors, and ongoing economic uncertainty.

Eliman Dambell, a commentator on various asset classes, including Crypto, Stocks, and FX, believes that the current market conditions are favorable for cryptocurrency investors. However, he cautions that investors should exercise caution, as the market remains volatile and subject to sudden fluctuations.

It is important to note that this article is for informational purposes only and does not constitute investment advice. Investors should conduct their research and seek professional advice before making any investment decisions.

Martin Reid

Martin Reid

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