Bitcoin surged over $2,000 in the past 24 hours as markets reacted to dovish comments from US Federal Reserve Chairman Jerome Powell. Powell said yesterday, “We must work as hard as we do now, earnestly, vigorously.” Ethereum rose above $1,700 on Friday.
Bitcoin
Bitcoin (BTC) rallied quickly in today’s session as markets reacted to bullish comments from Jerome Powell.
Speaking on Thursday, the chairman of the Fed hinted at further rate hikes, saying, “My colleagues and I are committed to this project and will continue until the work is completed.”
As a result of these hawkish comments, the price of the crypto rose, with BTC/USD racing to a high of $21,080.49 as of Friday.
The rally comes days after the token hit a low of $18,527.71, which was BTC’s lowest point in two months.
Bitcoin is now trading at its highest level since August 26, and bulls seem to be targeting a higher ceiling of $21,600.
As of writing, the 14-day Relative Strength Index (RSI) is tracking at 52.29, the strongest point in a month.
Ethereum
Following Powell’s comments, Ethereum (ETH), the world’s second-largest asset after bitcoin, rallied on Friday.
ETH/USD fell to a high of $1,711.84 earlier today, which comes as the token breaks through a key resistance point.
Following a low of $1,594 on Thursday, ETH struggled to break through the ceiling at $1,615, but this reversed earlier in today’s session.
Not only did Ethereum break from the aforementioned resistance, it also broke another ceiling at the $1,700 mark.
As of writing, ETH is trading at $1,705.95, its strongest level since August 25 following a similar breakout.
To beat the high seen in late August, bulls will need to intensify their push, possibly targeting $1,800 in the process.
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Could we see ethereum hit $1,800 this weekend? Leave your thoughts in the comments below.
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