Ethereum rose above $1,800 for the first time since August, as markets continued to react to the Fed’s decision to inject $300 billion into the economy. This comes following the recent banking crisis, which saw the likes of Silicon Valley Bank collapse. Bitcoin neared $28,000 in today’s session.
Bitcoin (BTC) closed in on the $28,000 level to start the weekend, as markets continued to react to the Federal Reserve’s decision to pump liquidity into the U.S. economy.
BTC/USD jumped to an intraday high of $27,787.81 earlier in the day, which comes after falling to a low of $26,209.29 on Friday.
As a result of the move, bitcoin climbed a fresh nine-month high, which is its strongest point since June 2022.
Looking at the chart, the surge took place as the 10-day (red) moving average crossed its 25-day (blue) counterpart.
In addition to this, the 14-day relative strength index (RSI) continues to gain traction, moving deeper into overbought territory.
At the time of writing, the index is tracking at 72.53, which is the strongest reading for the index since February 2.
Additionally, ethereum (ETH) continued to climb higher on Saturday, as prices surged above the $1,800 mark.
Following a low of $1,707.95 on Friday, ETH/USD raced to a peak of $1,821.31 earlier in today’s session.
The move saw the world’s second largest cryptocurrency move to its highest point since August 19.
Overall, ethereum is now up nearly 27% in the last seven days which, like with BTC, has resulted in an upward cross of moving averages.
Additionally, price strength is now firmly in bullish territory, with the RSI currently tracking at 67.11.
This is slightly above a ceiling at 67.00, with the next visible point of resistance at the 75.00 mark.