Technical Analysis of Bitcoin and Ethereum: BTC Rises Back Above $17K, Hitting 3-Week High

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On January 9, Bitcoin reached a three-week high as its prices soared beyond $17,000 to kick off the week. The action is taken days ahead of the anticipated U.S. inflation data and as market participants respond to Friday’s nonfarm payrolls (NFP). The price of Ethereum increased as well, reaching a multi-week high in the process.

Bitcoin

Beginning the week, Bitcoin (BTC) rose past the $17,000 barrier as investors turned their attention to this week’s U.S. inflation report.

BTC/USD rose to a high of $17,283.72 earlier in today’s session after hitting a low of $16,928.18 on Sunday.

BTC’s price rose to its greatest level since December 16 when it reached a high of $17,525.

btcusd 2023 01 09 12 34 16 a36f5 768x429 1

Ethereum
Similar to BTC, ethereum (ETH) prices rose over a recent ceiling above $1,300 on Monday, rallying to a multi-week high.

Shortly after trading at a low of $1,261.95, ETH/USD soared to an intraday high of $1,324.01 earlier in today’s session.

Similar to bitcoin, ethereum reached its greatest peak today, exceeding $1,350, towards the middle of December.
ethusd 2023 01 09 12 34 20 fb092 768x429 1

The chart shows that the moving averages have crossed upwards at this point, and the RSI is also gaining strength.

The index is currently tracking at 66.81, which is the highest level it has reached since October 29, when ETH was trading above $1,500.

If bullish momentum holds throughout the week, ethereum is probably going to move beyond the $1,400 mark.

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