On Monday, as markets got ready for the imminent Federal Reserve interest rate announcement, Bitcoin surpassed the $27,000 milestone. Despite the possibility of a further rate hike, bullish mood was strong during today's session. The beginning of the week saw Ethereum rise as well.
Bitcoin
Bitcoin On Monday, as traders started to look forward to the forthcoming Federal Reserve meeting, bitcoin rocketed to a multi-week high.
Following a day-ago low of $26,415.52, BTC/USD surged to an intraday high of $27,222.98 earlier in today's session.
The action caused bitcoin to increase to its highest level since August 31, when the price reached a high of $27,576.
Bulls may not be pleased despite the increase in momentum and are probably aiming for a ceiling at the $28,000 level.
The relative strength index (RSI), which was up on Monday, has now moved beyond a ceiling of 53.00 and is trading at 58.25.
For present bulls in the market, a resistance level of 60.00 will probably be their next important objective.
Ethereum
As traders resisted a breakthrough below the $1,600 level, Ethereum (ETH) also climbed higher to start the week.
The price of ETH/USD increased to an intraday high of $1,653.07 earlier in the day after falling to a low of $1,609.96 on Sunday.
As a result, ethereum has risen to its highest level in the last ten days and is now approaching a recent resistance level of $1,660.
Although price strength in ETH has also surpassed an obstacle of its own, it is on the cusp of colliding with another at the 50.00 mark. The index currently sits at a reading of 49.61.
It is likely that a breakout above this mark could lead ETH back above $1,700.
How would a rise in interest rates affect the price of cryptocurrencies? Post your opinions in the section below.