Bitcoin, Ethereum Technical Analysis: BTC Hovers Near 2-Week High, Ahead of US Retail Sales Report

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Bitcoin neared a two-week high on Thursday, as markets looked ahead to today’s retail sales report in the United States. Sales are expected to rise by 0.2% in August, a drop from a 0.7% increase the month before. Ethereum remained in the green, moving back above a key support point earlier in the day.

Bitcoin

Bitcoin remained in the green for a second consecutive session, ahead of the upcoming U.S. retail sales report. Consumer spending is expected to fall lower, which comes as inflation increased last month.

Following a low of $26,084.80 on Wednesday, BTC/USD surged to a peak of $26,529.50 earlier in today’s session.

Looking at the chart, the surge comes as the relative strength index (RSI) broke out of a ceiling at 45.00.

At the time of writing, price strength is tracking at 49.04, which is marginally below a ceiling at the 53.00 mark.

Should it move beyond this, there is a good chance that bitcoin will rise above the $27,000 level in the coming days.

Ethereum

Additionally, ethereum (ETH) was also in the green on Thursday, as price rose above a recent support point.

ETH/USD reached a high of $1,635.82 earlier in today’s session, less than 24 hours after trading at a low of $1,593.11.

The move resulted in the world’s second largest cryptocurrency climbing above a key price floor at $1,620.

Similar to BTC, today’s rally coincided with the RSI moving past a ceiling of its own at the 40.00 mark, and it now sits at 44.00.

This latest rebound has increased the possibility of an upward cross, and should this happen, ETH will be trending closer to $1,700.

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Will ethereum hit $1,700 before the end of the week? Leave your thoughts in the comments below.