Ethereum rebounded on Feb. 23, as markets reacted to the latest Federal Open Market Committee (FOMC) minutes. The minutes showed that the Fed hinted at maintaining its current policy until further signs that inflation is “substantially” slowing. Bitcoin was also higher, as it rose back above $24,000.
Bitcoin (BTC) moved back above $24,000 on Thursday, as cryptocurrency markets rebounded following the latest FOMC minutes.
Following a low of $23,644.32 on Wednesday, BTC/USD surged to an intraday high of $24,572.09 earlier in the day.
As a result of this, the world’s largest cryptocurrency broke out of a key resistance level at the $24,200 point.
This rebound also came as the 14-day relative strength index (RSI), bounced from a floor of its own at 59.00
Currently, the index is tracking at a reading of 59.90, with the next visible point of resistance at the 66.00 zone.
Should bulls attempt to reach this level, there is a strong chance that bitcoin will be trading above $25,000.
Like BTC, ethereum (ETH) was back in the green in today’s session, with prices nearing $1,700 following yesterday’s sell-off.
ETH/USD rose to a peak of $1,674.60 earlier in the day, which comes after bottoming out at $1,604.80 on Wednesday.
The move saw ethereum come within touching distance of its long-term ceiling at $1,675, however bullish pressure was not sustained.
Since hitting this earlier high, prices have gone on to slip, with ethereum now trading at $1,665.75.
This coincides with the RSI indicator running into a hurdle, in the form of the 57.00 resistance point.
At the time of writing, the index is tracking at 56.10.
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum reenter the $1,700 mark in the coming days? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.