Ethereum and Bitcoin rallied on February 23 after the Federal Open Market Committee (FOMC) minutes released. The Minutes indicated that the Fed may continue with their current coverage until further data suggests inflation is slowing down.
Bitcoin
Bitcoin (BTC) soared above $24,000 again Thursday after the FOMC minutes. From a low of $23,644.32 Wednesday, BTC/USD climbed to an intraday high of $24,572.09.
This pushed the world’s biggest cryptocurrency above the $24,200 level.
This 14-day surge also coincided with the Relative Strength Index (RSI) bouncing back to 59.00. The index is now trading at 59.90, and notable resistance lies in the 66.00 region. If the bulls try to breach this level, they may face difficulty. Bitcoin trading is currently above $25,000.
Ethereum
Like BTC, Ethereum (ETH) was in the green at the time of writing. Prices were close to $1700 after yesterday’s sell-off.
ETH/USD rose to an intraday high of $1,674.60, after hitting a low of $1.604.80 on Wednesday.
The move was not enough to push Ethereum back to its long-term peak of $1,675, but it is still close to its top.
