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| Bitcoin and Ethereum Rally on Back of US Consumer Confidence |
Bitcoin and Ethereum saw gains on Wednesday, with BTC reaching above the $28,000 level after a boost from better-than-expected US consumer confidence data. The Conference Board's monthly survey showed a reading of 104.2, better than the anticipated 101. Ethereum also saw gains, rising above the $1,800 mark. Bitcoin hit an intraday peak of $28,619.54 before slightly easing back, while Ethereum rose to $1,825.60 before retreating from the $1,820 resistance level.
While Bitcoin's price strength is now tracking at 58.52, overall market momentum appears to be preparing for consolidation. The 10-day moving average is trending sideways, and should the RSI fall back below 58.00, the chances of a downward cross with the 25-day moving average will greatly increase. Ethereum, on the other hand, briefly rose above the recent resistance point at $1,820, but price has since retreated from this point as the RSI collided with a ceiling at the 58.00 mark.
The boost in Bitcoin and Ethereum prices comes after a period of uncertainty for the crypto market, which saw a steep decline in prices due to regulatory concerns and environmental impact issues. However, the recent uptick in the US consumer confidence figures has provided some support for the market. As always, cryptocurrency prices can be volatile and it remains to be seen whether this boost will continue in the coming days and weeks.
