• Ethereum rose to a three-week high on Jan. 4 as markets prepared for the release of the latest Federal Open Market Committee (FOMC) minutes.
• Bitcoin (BTC) rose to an eight-day high on Wednesday, as cryptocurrency markets climbed ahead of the latest FOMC minutes release.
• Ethereum (ETH) also surged in today’s session, with prices climbing to a multi-week high.
The cryptocurrency markets saw a surge on Wednesday, Jan. 4, as Ethereum rose to a three-week high and Bitcoin hit an eight-day high. The rally came ahead of the release of the latest Federal Open Market Committee (FOMC) minutes, which were due to be released later in the day.
Bitcoin (BTC) rose to an intraday high of $16,886.14, climbing above a key resistance level of $16,800, which is typically the last hurdle preventing price from reaching $17,000. The move saw BTC rise to its highest point since December 27, when it traded at $16,961. The rally came as the 14-day relative strength index (RSI) moved above its own ceiling at 49.00, and is currently tracking at 50.37.
Ethereum (ETH) also saw a surge in prices, climbing to a peak of $1,253.12 earlier in the day. This comes less than 24 hours after trading at a low of $1,207.49, as ETH broke out of a resistance level at $1,230, hitting its highest level since December 16 in the process. The shift in momentum came as the 10-day (red) moving average crossed above the 20-day (blue) moving average, a sign of a longer-term bullish trend.
Overall, the surge in prices can be attributed to the anticipation of the latest FOMC minutes, which are expected to provide further insight into the U.S. Federal Reserve’s view on the economy, and their reasoning behind a policy pivot. With both Bitcoin and Ethereum reaching their highest points in some time, traders will likely attempt to move above $17,000 ahead of or directly after the release of the minutes report.