{"id":14943,"date":"2022-11-29T13:42:16","date_gmt":"2022-11-29T13:42:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-climbs-above-1200-ahead-of-us-consumer-confidence-report-market-updates-bitcoin-news\/"},"modified":"2022-11-29T13:42:16","modified_gmt":"2022-11-29T13:42:16","slug":"eth-climbs-above-1200-ahead-of-us-consumer-confidence-report-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-climbs-above-1200-ahead-of-us-consumer-confidence-report-market-updates-bitcoin-news\/","title":{"rendered":"ETH Climbs Above $1,200 Ahead of US Consumer Confidence Report \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ethereum rose back above $1,200 on Tuesday, ahead of the upcoming consumer confidence report from the United States. The price comes following a breakout above a key resistance level of $1,180. Bitcoin also climbed higher in today\u2019s session, ending a five-day losing streak.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) snapped a five-day losing streak on Tuesday, as prices moved away from a recent point of support.<\/p>\n

Following a low of $16,054.53 to start the week, BTC<\/a>\/USD surged to an intraday high of $16,522.26 earlier today.<\/p>\n

This surge saw bitcoin climb from its aforementioned price floor $16,175, which has been in play since earlier in the month of November.<\/p>\n

\"Bitcoin,
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, although prices have surged, it will be a test to see if this momentum can be maintained, due to the relative strength index (RSI) colliding with a ceiling.<\/p>\n

As of writing, the index is hovering marginally above a ceiling of 41.00, with a current reading of 41.12.<\/p>\n

Should price strength continue in an upward direction, we could see more bulls entering the market, taking BTC<\/a> closer to $17,000.<\/p>\n

Ethereum<\/h2>\n

In addition to BTC<\/a>, ethereum (ETH<\/a>) also moved higher on Tuesday, ahead of the U.S consumer confidence report.<\/p>\n

The Conference Board consumer confidence survey is expected to come in at a reading of 100, which is marginally below October\u2019s reading of 102.5.<\/p>\n

ETH<\/a>\/USD was back above $1,200 on Tuesday, hitting a high of $1,216.52 earlier in today\u2019s session.<\/p>\n

\"Bitcoin,
ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As can be seen from the chart, the move, which ended two straight days of losses, pushed ethereum to its highest point since Saturday.<\/p>\n

Overall, this move comes as the RSI raced above its point of resistance at 43.70, and it is currently tracking at 46.10 as of writing.<\/p>\n

A ceiling of $1,230 now awaits ethereum bulls, and should they overcome this hurdle, a move towards $1,300 will be on the cards.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Will ethereum hit $1,300 before the end of the month? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman 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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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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