Bitcoin, Ethereum Technical Analysis: ETH Climbs Above $1,200 Ahead of US Consumer Confidence Report

Ethereum roseate backmost supra $1,200 connected Tuesday, up of the upcoming user assurance study from the United States. The terms comes pursuing a breakout supra a cardinal absorption level of $1,180. Bitcoin besides climbed higher successful today’s session, ending a five-day losing streak.

Bitcoin

Bitcoin (BTC) snapped a five-day losing streak connected Tuesday, arsenic prices moved distant from a caller constituent of support.

Following a debased of $16,054.53 to commencement the week, BTC/USD surged to an intraday precocious of $16,522.26 earlier today.

This surge saw bitcoin ascent from its aforementioned terms level $16,175, which has been successful play since earlier successful the period of November.

BTC/USD – Daily Chart

Looking astatine the chart, though prices person surged, it volition beryllium a trial to spot if this momentum tin beryllium maintained, owed to the comparative spot scale (RSI) colliding with a ceiling.

As of writing, the scale is hovering marginally supra a ceiling of 41.00, with a existent speechmaking of 41.12.

Should terms spot proceed successful an upward direction, we could spot much bulls entering the market, taking BTC person to $17,000.

Ethereum

In summation to BTC, ethereum (ETH) besides moved higher connected Tuesday, up of the U.S user assurance report.

The Conference Board user assurance survey is expected to travel successful astatine a speechmaking of 100, which is marginally beneath October’s speechmaking of 102.5.

ETH/USD was backmost supra $1,200 connected Tuesday, hitting a precocious of $1,216.52 earlier successful today’s session.

ETH/USD – Daily Chart

As tin beryllium seen from the chart, the move, which ended 2 consecutive days of losses, pushed ethereum to its highest constituent since Saturday.

Overall, this determination comes arsenic the RSI raced supra its constituent of absorption astatine 43.70, and it is presently tracking astatine 46.10 arsenic of writing.

A ceiling of $1,230 present awaits ethereum bulls, and should they flooded this hurdle, a determination towards $1,300 volition beryllium connected the cards.

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Will ethereum deed $1,300 earlier the extremity of the month? Leave your thoughts successful the comments below.

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