Ethereum rose above $1,800 for the first time since August, as markets continued to react to the Fed’s decision to inject $300 billion into the economy. This comes following the recent banking crisis, which saw the likes of Silicon Valley Bank collapse. Bitcoin neared $28,000 in today’s session.
Bitcoin (BTC) closed in on the $28,000 level to start the weekend, as markets continued to react to the Federal Reserve’s decision to pump liquidity into the U.S. economy.
BTC/USD jumped to an intraday high of $27,787.81 earlier in the day, which comes after falling to a low of $26,209.29 on Friday.
As a result of the move, bitcoin climbed a fresh nine-month high, which is its strongest point since June 2022.
Looking at the chart, the surge took place as the 10-day (red) moving average crossed its 25-day (blue) counterpart.
In addition to this, the 14-day relative strength index (RSI) continues to gain traction, moving deeper into overbought territory.
At the time of writing, the index is tracking at 72.53, which is the strongest reading for the index since February 2.
Additionally, ethereum (ETH) continued to climb higher on Saturday, as prices surged above the $1,800 mark.
Following a low of $1,707.95 on…