On Tuesday, it rose for the seventh consecutive session, when the token rose to a three-week high. The rate hike comes ahead of this afternoon’s US inflation report, which is expected to reach 8.1 percent in August. Ethereum continued to trade lower in today’s session, as volatility remained high prior to the consolidation.
Bitcoin (BTC) rose for the seventh straight session on Tuesday as markets awaited the release of the US Consumer Price Index.
US inflation is expected to ease to 8.1% in August, following a decline to 8.5% last month.
Ahead of the report, BTC/USD rallied to $22,650.73, its highest point since August 19.
Looking at the chart, this recent bullish spell resulted in a cross between the 10-day (red) moving average and its 25-day (blue) counterpart.
Despite this, the area of concern for the bulls is that the 14-day relative strength index (RSI) seems to have clashed with the resistance point at 61.80.
Although the index has slightly surpassed this point and is currently tracking at 62.57, price volatility at this level could cause bears to re-enter the market, sending Bitcoin lower in the process.
On Tuesday, the volatility in ethereum (ETH) remained high, as the token fell below the floor at the $1,700 level.
As a result of this earlier split, ETH/USD dropped to $1,682.43 in today’s session, which was short-lived, as bulls quickly re-entered the price.
That resulted in a high of $1,752.76, and as of writing, the world’s second largest cryptocurrency is trading at $1,740.88.
Following a move above the 59.55 ceiling to start the week, the RSI is now tracking below this level, still bearish.
Despite this, many still expect the token to break above $1,800 this week, largely due to The Merge, but also the crossover between the 10-day and 25-day moving averages.
If these trend lines continue on their current path, we will see further price increases in the coming weeks.
Register your email here to have weekly price analysis delivered to your inbox:
Could we see ethereum hit $1,800 in the next few days? Leave your thoughts in the comments below.
Image credits: Shutterstock, Pixabay, Wiki Commons
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation 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 shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.