Bitcoin broke above a resistance level of $28,500 on April 5 as crypto markets continued to react to economic data out of the United States. US job vacancies fell below 10 million for the first time since 2021 as employers began to scale back hiring efforts. Ethereum approached $2,000 and hit a fresh eight-month high today.
Bitcoin
Bitcoin (BTC) broke above a key resistance level on Wednesday, with traders now targeting a move above $29,000.
After hitting a low of $27,979.75 on Tuesday, BTC/USD surged to an intraday high of $28,739.24 earlier in today’s session.
The move saw Bitcoin surge above a recent ceiling of $28,500, hitting a four-day high in the process.
Overall, it appears the move came as the Relative Strength Index (RSI) bounced off a recent bottom at 58.
As of this writing, the index is hovering around 62.48 with the next visible ceiling of 65.00 a possible target for bulls.
There is a strong possibility that BTC will be above $29,000 if this resistance point is reached.
ether
In addition to BTC, Ethereum (ETH) was also in the green, with prices climbing to a new eight-month high.
ETH/USD moved to a high of $1,921.27 earlier in the day, which comes a day after trading at a low of $1,855.37.
As a result of this rally, Ethereum returned to its strongest point since August 17, when the price peaked at $1,957.
This recent surge has pushed price strength to current levels of 65.87, slightly below a 66.00 ceiling.
Because of this, some previous bulls have turned to taking profits, causing ETH to tumble from the daily high.
At the time of writing, Ethereum is trading at $1,915.88.
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What’s behind Ethereum’s surge today? Leave your thoughts in the comments below.
Elijah Dambell
Eliman was previously a director of a London based brokerage firm while also teaching online trading. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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