Bitcoin, Ethereum Technical Analysis: BTC Rallies to 1-Month High, as ETH Nears $1,300 

Bitcoin, Ethereum Technical Analysis: BTC Rallies to 1-Month High, as ETH Nears $1,300 

Bitcoin surged to a one-month high on Dec. 13, ahead of the latest inflation report from the United States. It is expected that consumer prices will fall to 7.3% in November, which would be a drop of 0.4% from the month prior. Ethereum was also higher in today’s session, as prices neared the $1,300 mark. Bitcoin

Bitcoin (BTC) rallied to a one-month high on Tuesday, as markets began to price in a fall in consumer prices in the United States.

Following a low of $16,966.59 to start the week, BTC/USD raced to an intraday peak of $17,457.30 earlier in today’s session.

This move saw the world’s largest cryptocurrency fly to its strongest point since November 11, when price was at a high of $17,645. BTC/USD – Daily Chart

As can be seen from the chart, today’s surge comes as the 14-day relative strength index (RSI) moved beyond a ceiling of its own.

The index climbed above a resistance level of 52.00 earlier in the day, and as of writing is tracking at 55.00.

Despite this afternoon’s report, we will likely see more volatility on Wednesday, as traders get ready for the upcoming U.S. Federal Reserve rate decision. Ethereum

Ethereum (ETH) also rose in today’s session, as bulls reentered the market, taking prices close to the $1,300 level.

ETH/USD raced to a high of $1,294.10 in today’s session, which comes less than a day after hovering at a low of $1,248.36.

As a result of today’s move, ETH/USD moved closer to a recent resistance level of $1,300, as prices were almost 4% higher than Monday’s peak. ETH/USD – Daily Chart

Like with bitcoin, bullish sentiment in ethereum returned following a breakout of a resistance level at the 53.00 mark.

As of writing, the index is tracking at 53.75, and now seems to be moving towards a ceiling of 55.00.

ETH will likely recapture the $1,300 level, however what happens at that level is the key question for traders.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Will ethereum move beyond its ceiling at $1,300? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Amid Speculation and Rumors Surrounding Binance, Exchange Token BNB Suffers Losses From the Alleged FUD MARKET UPDATES | 4 hours ago Biggest Movers: AVAX Hits 1-Week High, as LTC Also Climbs Following US Inflation Data MARKET UPDATES | 6 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDOGAMÍ Secures $14M Total Funding in Seed Round for Developing the First Web3 Mobile Game for Mainstream Audiences Next articleUS Securities Watchdog Charges Sam Bankman-Fried With Fraud Over FTX Collapse 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"

Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing