Ethereum was trading higher on Friday, as market volatility eased, following the latest U.S. inflation report. Core inflation rose 0.6%, with consumer prices up to 8.2%, higher than the expected 8.1%. Despite this, traders seem to have breathed a sigh of relief, as the uncertainty surrounding the report has now passed. Bitcoin moved closer to $20,000 on the news.
Bitcoin (BTC) moved towards the $20,000 level on Friday, as uncertainty in crypto markets eased, following the latest U.S. inflation report.
Despite consumer prices rising by more than expected, markets reacted positively, as speculation surrounding the report has faded.
As a result of the report, BTC/USD rose to an intraday high of $19,835.17, less than 24-hours after trading at a low of $18,642.11.
This rally has seen momentum shift once again, with several indicators now leaning more towards bullish territory.
The 14-day relative strength index (RSI) is now back above the 50.00 mark, and is tracking at 51.54 as of writing, potentially en route to a ceiling of 55.00.
Should this point be hit, then we will likely see bitcoin not only above $20,000, but edging closer to $20,500.
Ethereum was also higher in today’s session, as the token climbed back above $1,300, colliding with a key resistance point in the process.
ETH/USD rose to a peak of $1,335.10 earlier in the day, colliding with a key resistance level, at the same point in the process.
This is the highest point that the world’s second largest cryptocurrency has traded at since the start of the week.
However, since hitting this high, prices are now marginally lower with the token now trading at $1,328.51.
As can be seen from the chart, this comes as the RSI collided with a resistance point of its own, which is the 46.50 mark.
In order for ethereum to continue to climb, price strength will need to move above this current ceiling.
Register your email here to get weekly price analysis updates sent to your inbox.
Do you expect bullish pressure to continue during the weekend? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
8 total views, 2 views today