Bitcoin and Ethereum Rebound: 2% Rise Sparks Optimism for U.S. Debt Ceiling Increase

Bitcoin and Ethereum Rebound: 2% Rise Sparks Optimism for U.S. Debt Ceiling Increase


Ethereum (ETH) was once more trading over the $1,800 level, after a brief breakout during Thursday’s session. Prices rose by as much as 2%, as optimism grew that the United States debt ceiling may be increased. Bitcoin (BTC) likewise marginally climbed, moving away from yesterday’s two-week low.

Bitcoin

Bitcoin (BTC) (BTC) rose slightly higher on Friday, as prices moved away from a recent two-week low.

Following a low of $25,890.59 on Thursday, BTC/USD rose to a peak at $26,591.52 earlier in the day.

The move saw Bitcoin (BTC) (BTC) once more go up over a level of support at the $26,300 level, which has been in place during the previous few weeks.

Regardless of this latest rebound, BTC remained almost 2 percent lower than at the same point past week. For bulls, a positive sign comes in the form of the 14-day relative strength index (RSI), which failed to break out of a floor at 39.00

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The last time breakout took place was back on March 10, which led to BTC sliding below the $20,000 mark.

Ethereum

Ethereum (ETH) (ETH) rose back over the $1,800 mark on Friday, after dropping to a multi-week low of its own yesterday.

ETH/USD hit a high of $1,817.16 earlier in today’s session, which comes a day after the price dropped to a bottom at $1,788.29.

Because of  today’s slight rebound, the 10-day (red) moving average is now firmly on the verge of crossing its 25-day (blue) counterpart.

The chances of this occurring come as price strength once more bounced from support at 44.00, leading to a reentry of longstanding bulls.

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As of writing this, the index is now tracking at 46.39, with the following visible resistance level at 51.00.

Should momentum continue to go up, there is a good chance that ETH could hit $1,900 this coming weekend.

Source

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