Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,200 as Bank of Japan Policy Decision Impacts Markets

Ethereum rose back above the $1,200 level on Tuesday, as the dollar rebounded following the latest Bank of Japan (BOJ) policy decision. The bank adjusted its yield curve control, which increased its cap on the 10-year government bond, allowing moves of up to 50 basis points (bps), up from 25 bps. Bitcoin also rose on the news, climbing closer to $17,000

Bitcoin

Bitcoin (BTC) moved closer to the $17,000 level on Tuesday, as traders reacted to the latest Bank of Japan policy decision.

BTC/USD surged to a peak of $16,837.65 earlier in today’s session, less than 24 hours after hitting a low of $16,398.14.

Today’s move saw the token climb above a key resistance level of $16,700, with prices rising to a four-day high in the process.

Bitcoin, Ethereum Technical Analysis: Ethereum Back Above $1,200 as Bank of Japan Policy Decision Impacts Markets
BTC/USD – Daily Chart

Looking at the chart, the surge took place as the 14-day relative strength index (RSI) broke out of a ceiling at the 46.00 level.

As of writing, the index is currently tracking at the 46.61 mark, which is its strongest point since last Thursday.

Should the index continue this upward trend, we will likely see BTC move above the $17,000 level in the coming days.

Ethereum

In addition to bitcoin, ethereum (ETH) also trended higher on Tuesday, as it once again rose into the $1,200 region.

Following a low of $1,160.38 to start the week, ETH/USD raced to a peak of $1,214.73 earlier in the day.

This comes despite the fact that there has been a recent downward crossover between the 10-day (red) and 25-day (blue) moving averages.

Bitcoin, Ethereum Technical Analysis: Ethereum Back Above $1,200 as Bank of Japan Policy Decision Impacts Markets
ETH/USD – Daily Chart

As of writing, the world’s second largest cryptocurrency seems set to collide with a higher resistance at the $1,230 level.

This could prove to be challenging however, with the 14-day RSI now hovering directly below a ceiling at 47.00.

Should there be a break of this key threshold, we will likely see more ETH bulls reenter the market.

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Will we see today’s bull run continue throughout the week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




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Source:Bitcoin.com