Bitcoin rallied for a seventh straight session on Tuesday, as the token moved to a three-week high. The upside comes ahead of this afternoon’s US inflation report, which is expected to come in at 8.1% for August. Ethereum continues to trade lower in today’s trading session, because of volatility. remained high before The Merge.
Bitcoin (BTC) rose for a seventh straight session on Tuesday, as markets anticipated the release of the US consumer price index.
Inflation in the United States is expected to slow to 8.1% in August, after falling to 8.5% last month.
Prior to the report, BTC/USD rallied to an intraday high of $22,650.73, which is the highest since Aug. 19.
Looking at the chart, this recent uptick has resulted in a crossover between its 10-day moving average (red) and its 25-day moving average (blue).
One area of concern for the bulls, though, will be the fact that the 14-day relative strength index (RSI) appears to have collided with resistance at 61.80.
While the index has inched slightly past this point and is tracking at 62.57, price uncertainty at this level could send bears back into the market, sending bitcoin lower in the process. this.
Volatility in ethereum (ETH) continued to be high on Tuesday, as the token fell below its floor at $1,700.
As a result of the previous breakout, ETH/USD fell to a low of $1,682.43 in today’s trading session, which was short-lived, as the bulls quickly turned back, pushing the price higher.
This resulted in a peak of $1,752.76 and as of writing, the world’s second largest cryptocurrency is trading at $1,740.88.
After breaking through the 59.55 ceiling earlier in the week, the RSI is now tracking below this level, with bearish sentiment still present.
Even so, many still expect the token to rally above $1,800 this week, largely due to The Merge, but also the 10-day and 25-day moving average crossover.
If these trend lines continue above their current path, we are likely to see an even stronger price rally in the coming weeks.
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Could we see ethereum hit $1,800 in the next few days? Leave your thoughts in the comments below.
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