Ethereum traded higher on Friday as market volatility eased following the latest US inflation report. Core inflation rose 0.6%, and consumer prices rose to 8.2%, beating expectations of 8.1%. Nevertheless, traders seem to have breathed a sigh of relief as the uncertainty surrounding the report has now passed. Bitcoin nears $20,000 in news.
Bitcoin (Bitcoin) moved towards the $20,000 levels on Friday as uncertainty in the cryptocurrency market eased following the latest US inflation report.
Markets reacted positively as speculation around the report faded, even though consumer prices rose more than expected.
As a result of the report, Bitcoin/USD climbed to intraday highs of $19,835.17 within 24 hours after trading lows of $18,642.11.
The rally has turned momentum again, with several indicators tipping into bullish territory.
The 14-day Relative Strength Index (RSI) is currently above the 50.00 mark, tracking 51.54 at the time of writing and may be headed for a 55.00 ceiling.
If this point is reached, Bitcoin could not only rise above $20,000, but approach $20,500.
Ethereum also rose higher in today’s session as the token climbed above $1,300 and crashed into a key resistance point in the process.
ethereum/USD peaked at $1,335.10 earlier in the day and crashed into key resistance levels at the same point in the process.
This is the highest price the world’s second largest cryptocurrency has traded since the beginning of the week.
However, since hitting this high, the price has dropped slightly and the token is currently trading at $1,328.51.
As you can see from the chart, this is because the RSI has collided with its own resistance point at the 46.50 mark.
For Ethereum to continue rising, price strength needs to exceed the current cap.
Sign up for your email here to have weekly price analysis updates sent to your inbox.
Do you think the bullish pressure will continue into the weekend? Leave your thoughts in the comments below.
image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.