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On March 1, Bitcoin increased as markets reacted to the most recent U.S. consumer confidence survey. Last month saw a decline in confidence, which might indicate that higher rates are beginning to bite. On Wednesday, prices for Ethereum increased and went over $1.650.
Bitcoin
After the most recent U.S. consumer confidence data, Bitcoin (BTC) experienced a recovery on Wednesday.
Confidence fell to 102.9 in February, less than the 108.5 sums that markets had anticipated.
BTC/USD rose to an intraday top of $23,880.63 earlier in the day after Tuesday’s low of $23,077.65.
The move slightly broke a long-term resistance level of around $23,800, causing bitcoin to reach a five-day high.
The 14-day relative strength index (RSI), which climbed over a ceiling at 54.00, experienced another little breakout.
At the time of writing, the index is tracking at 55.02, with the next visible resistance zone at the 60.00 level.
Ethereum
Ethereum (ETH), like bitcoin, surged higher on hump day as prices once more crossed $1,650.
ETH/USD surged to a high of $1,658.69 earlier today, less than 24 hours after almost dropping below $1,600.
The second-largest cryptocurrency in the world due to this upsurge, reached its highest point since last Thursday.
Price strength has also risen past a ceiling at 53.00, with the index tracking at 54.68 as of writing.
Despite this, the 10-day moving average (red) still appears likely to cross its 25-day moving average (blue), which could lead to an impending sell-off.
Should this cross occur, there is a possibility that ETH could fall toward a floor at the $1,550 mark.
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