Ethereum returned above the $1,200 level on Tuesday as the dollar rebounded following the Bank of Japan’s (BOJ) new policy. The bank changed its yield controls, which raised its cap on the 10-year government bond, allowing it to move up to 50 basis points (bps), from 25 bps. Bitcoin rose on the news, approaching $17,000
Bitcoin
Bitcoin (BTC) reached close to the $17,000 level on Tuesday as traders reacted to the Bank of Japan’s new policy.
BTC/USD hit a high of $16,837.65 earlier in today’s session, less than 24 hours after it hit a low of $16,398.14. Today’s move saw a move higher above the key resistance level of $16,700, with the price breaking a four-day high in the process.
Looking at the chart, the increase occurred when the 14-day Relative Strength Index (RSI) broke through the ceiling at the 46.00 level. As of this writing, the index is now following the 46.61 mark, which is the strongest point since last Thursday.
If the index continues to make this high, we will see BTC break above the $17,000 level in the coming days.
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Ethereum
In addition to bitcoin, ethereum (ETH) also rose on Tuesday as it hit the $1,200 zone again.
After bottoming out at $1,160.38 to start the week, ETH/USD hit a $1,214.73 high earlier in the day. This comes despite the fact that recently there has been a downward trend between 10 days (red) and 25 days (blue).
At the time of writing, the second largest cryptocurrency in the world looks set to meet higher resistance at the $1,230 level. This could be a challenge, however, with the 14-day RSI currently hovering just below the house at 47.00.
If this key pair is to be breached, we will see more ETH bulls re-entering the market.
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