Crypto Market Performance: BTC Moves Above $28,500 and ETH Reaches Eight-Month High

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Cryptocurrency markets are reacting to economic data, with Bitcoin (BTC) breaching resistance levels of $28,500 and Ethereum (ETH) reaching an eight-month high.

Bitcoin

BTC/USD moved to an intraday high of $28,739.24 earlier in today’s session. This saw Bitcoin surpass the $28,500 resistance level and hitting a new four-day high.

The relative strength index (RSI) bounced off a floor at 58, and is currently tracking at 62.48. This could potentially set a target ceiling of 65.00 for bulls.

There is a good chance that Bitcoin will surpass $29,000 when this resistance level is met.

Ethereum

Ethereum (ETH) prices rose to an eight-month high, reaching a $1,921.27 peak earlier in the day. This is a day after trading at a low of $1,855.37.

The recent price increases have pushed the current reading of 65.87 to an average reading of 66.00. This is just below the ceiling, which has caused some early bulls to take profits, leading to ETH slipping from the day’s high.

As of the writing of this article, Ethereum traded at $1.915.88.

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What is behind the surge in Ethereum prices? Please share your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director at a London-based brokerage, as well as an online trade educator. He currently offers his opinion on different asset classes, including Crypto, Stocks FX and is the founder of a startup.




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