Bitcoin, Ethereum Technical Analysis: BTC Rises to $29,000 for First Time Since Last June

Bitcoin rose above $29,000 on Thursday, as price moved to its strongest point since last June. The surge came despite some consolidation in cryptocurrency markets, ahead of the upcoming U.S. GDP report. Ethereum was also higher, as it continued to trade above $1,800.

Bitcoin

Bitcoin (BTC) moved to its highest point in nine months, despite cryptocurrencies mostly consolidating ahead of the upcoming U.S. GDP report.

Following a low of $28,155.83 on Wednesday, BTC/USD raced to an intraday peak of $29,159.90 earlier in the session.

As a result of this surge in price, bitcoin climbed above the $29,000 level for the first time since June 10.

Looking at the chart, the move came as BTC briefly broke out of a resistance at $28,500, with the relative strength index (RSI) moving past a similar threshold.

As of writing, the index is tracking at the 65.27 level, which is marginally above its ceiling at 65.00.

Overall, BTC bulls have moved to secure some of their earlier gains, with the price now trading at $28,582.20.

Ethereum

Ethereum (ETH) continued to trade above $1,800 on Thursday, however sentiment shifted after it failed to sustain a breakout at a key point.

ETH/USD rose to a high of $1,827.28 on Thursday, which comes less than 24 hours after the price was at a low of $1,776.64.

Although marginally moving above its aforementioned ceiling at $1,825, ethereum bulls were unable to maintain upward momentum.

As of writing, ETH is trading at $1,800.78, which coincides with the RSI hovering around its recent resistance level at 58.00.

The index is currently tracking at 58.25, with a move below the 58.00 level almost certainly to trigger further declines.

Momentum also appears to be slowing, with the 10-day (red) moving average nearing a downward crossover.

Register your email here to get weekly price analysis updates sent to your inbox:

Could we see ethereum rally before the end of the week? Leave your thoughts in the comments below.