Ethereum On, the stock index achieved a remarkable three-week peak on Jan. 4 as the markets prepared for the publication of the Federal Open Market Committee (FOMC) meeting minutes. Wednesday’s report will provide insight into the US Federal Reserve’s view of the economy and its motivations behind a potential policy change. Meanwhile, Bitcoin also reached a new 8-day high.
Bitcoin
Bitcoin (BTC) registered a new eight-day high on Wednesday as the cryptocurrency markets rallied in anticipation of the FOMC minutes. After bottoming out at $16,622.37 on Tuesday, the BTC/USD pair hit an intraday peak of $16,886.14.
The BTC crossed the key $16,800 resistance level, which could be a stepping stone for the price to reach $17,000.
As you can see from the chart, bitcoin has reached its highest level since the start of the year on December 27, when it was listed at $16,961.
Traders are likely to make an effort to break above $17,000 before or right after the FOMC minutes are published.
The 14-day RSI is also on the rise, surpassing its own peak at 49.00 and reaching 50.37.
Ethereum
Similarly to Bitcoin, Ethereum (ETH) experienced a surge during today’s session. Prices rose to a multiweek high.
The ETH/USD pair traded at $1,253.12 earlier today, less than 24 hours after it was trading at $1,207.49.
Today’s move saw Ethereum surpass the $1,230 resistance level, the highest it has been since December 16.
