• Bitcoin hit a fresh nine-month high on Friday, as prices moved above the $27,000 level. Ethereum also rose in today’s session.
• The surge comes following the U.S. Federal Reserve’s decision to backstop embattled banks to a record tune of $152.9 billion.
• Prices for both Bitcoin and Ethereum have been bolstered by an upwards crossover between their 10-day (red) and 25-day (blue) moving averages, along with an RSI that has broken out of a key resistance level.
Bitcoin Hits Nine-Month High
Bitcoin (BTC) moved to a fresh nine-month high on Friday, having surpassed the $27,000 level. The surge followed the U.S. Federal Reserve’s decision to backstop embattled banks with a total of $152.9 billion, which has provided support to both BTC/USD and ETH/USD in today’s session.
An upwards crossover between the 10-day (red) and 25-day (blue) moving averages appears likely for both bitcoin and ethereum, suggesting that a longer-term bull run is on the way for these cryptocurrencies. In addition, the 14-day relative strength index (RSI) has broken out of its resistance level at 67.00 for bitcoin and 65.00 for ethereum, pushing into overbought territory in each case respectively.
Ethereum Price Surge
Ethereum (ETH) prices have surged back above $1,700 following yesterday’s low at $1,644 – this move past a price ceiling of $1,720 confirms that bullish momentum is still strong within this market segment too.. Both ETH/USD and BTC/USD appear set to continue their respective uptrends due to an upcoming upwards crossover between their 10-day and 25-day moving averages along with an RSI that is pointing firmly towards overbought territory again; however further gains may be limited by current resistance levels near these figures respectively..
Potential Price Ceilings
The potential price ceilings for Bitcoin currently sit just below $28500 while Ethereum could reach as far as 1800 dollars if bullish momentum continues – however it remains uncertain whether either asset will manage to break through these respective figures given their already strong performances in today’s session so far..
In conclusion, it appears that bullish momentum within both Bitcoin and Ethereum markets are still going strong despite current market conditions; however further gains may be limited by price ceilings near 28500 & 1800 respectively if they are unable to break through these figures soon enough before any bears take control of either market segment again..