Bitcoin, Ethereum Technical Analysis: BTC Above $26,000 Ahead of US Inflation Report
Bitcoin rose above the $26,000 level on Tuesday, as markets prepared for the latest U.S. inflation figures.
Consumer prices for May are expected to fall to 4.1% — double the Federal Reserve’s 2% target.
Ethereum remained below $1,800.
Ahead of the upcoming inflation report in the United States, bitcoin (BTC) moved back above the
$26,000 level.
Following a low of $25,686.04 to start the week, BTC/USD raced to a peak of
$26,261.14 earlier today. The move saw bitcoin near a recent
resistance level at $26,300, which is one of the last hurdles stopping bulls from moving towards
$27,000.
Additionally,
ethereum (ETH) moved marginally higher, however it continued to trade below
$1,800. ETH/USD jumped to a
high of $1,757.89 earlier in today’s session, which comes a day after the price was at a bottom of
$1,723.09.
The latest surge came as bulls took charge at a
floor of $1,730, with the
RSI bouncing from a floor of its own at
38.00. Should the i
ndex move beyond the aforementioned ceiling, there is a strong possibility that ETH will
climb to $1,800.
