Bitcoin, Ethereum Technical Analysis: BTC Jumps to 6-Month High Above $24,000

Bitcoin, Ethereum Technical Analysis: BTC Jumps to 6-Month High Above $24,000

Bitcoin surged above $24,000 on Feb. 02, as markets continued to react to the latest U.S. Federal Reserve policy decision. On Wednesday, the central bank moved to increase rates by 25 basis points, while signaling that further hikes could be on the cards. Ethereum also rallied, with prices nearing $1,700. Bitcoin

Bitcoin (BTC) rose to a six-month high on Thursday, with prices climbing above $24,000 for the first time since August.

The move came as the Federal Reserve opted to increase interest rates by 25 basis points in its latest policy meeting.

As a result, BTC/USD rose to an intraday high of $24,167.21, less than 24-hours after it was trading at a low of $22,877.75. BTC/USD – Daily Chart

Thursday’s surge saw the world’s largest cryptocurrency climb to its strongest point since August 16, when prices reached a peak of $24,448.

This took place as the 14-day relative strength index (RSI) moved away from a recent floor at 68.00, and is now tracking at 74.10.

Should price strength continue on this course, a resistance level of 77.00 will likely be a target for current bulls. Ethereum

Ethereum (ETH) also made significant gains in the last 24 hours, as traders pushed prices close to the $1,700 mark.

Following a low of $1,566.86 on Wednesday, ETH/USD raced to a peak of $1,689.07 earlier in today’s session.

This rally in price saw ethereum move to its highest mark since September 12, when ETH reached a top at $1,761. ETH/USD – Daily Chart

Looking at the chart, today’s five-month high came as ETH broke out of its long-term price ceiling at $1,670.

Although one point of resistance has been broken, ethereum bulls are fast approaching another, with the relative strength index (RSI) nearing a ceiling at 68.00.

Currently, the index is tracking at 65.19, with earlier bulls likely to consider taking profits before a full collision occurs.

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

Do you expect ethereum to move above $1,700 this week? 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: AVAX Hits Highest Point Since August, Following 17% Jump MARKET UPDATES | 7 hours ago Biggest Movers: LTC Races to 9-Month High, ATOM Extends Recent Gains MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitzlato to Restore Operations and Withdrawals From Russia, Co-founder Vows Next articleBitcoin Records Largest Mined Block to Date, 4 MB Block Containing NFT Causes Unease Among Small-Block Supporters  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 ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design