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Home»Bitcoin»Bitcoin and Ethereum Technical Analysis: ETH Back Above $1,200 as Markets React to Bank of Japan Policy Decision
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Bitcoin and Ethereum Technical Analysis: ETH Back Above $1,200 as Markets React to Bank of Japan Policy Decision

Saheel KhirodkarBy Saheel KhirodkarDecember 21, 2022Updated:December 21, 2022No Comments2 Mins Read
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Japan is Taking Crypto Mainstream. Here's How
On Tuesday, Ethereum surpassed the $1,200 mark once more as the dollar recovered after the most recent Bank of Japan (BOJ) policy decision. The bank changed its yield curve control, raising the cap on moves in the price of the 10-year government bond to 50 basis points (bps) from 25 bps. In response to the news, bitcoin also increased, approaching $17,000.

As traders reacted to the most recent Bank of Japan policy decision, Bitcoin (BTC) moved closer to the $17,000 mark on Tuesday.

Earlier today, less than 24 hours after it hit a low of $16,398.14, BTC/USD soared to a high of $16,837.65.

With today’s move, the token broke through a crucial resistance level of $16,700, causing prices to increase to a four-day high.

Bitcoin, Ethereum Technical Analysis: Ethereum Back Above $1,200 as Bank of Japan Policy Decision Impacts Markets

The surge occurred as the 14-day relative strength index (RSI) broke through a ceiling at the 46.00 level, according to the chart.

The index is at its highest point since last Thursday as of this writing, tracking at the 46.61 level.

If the index maintains its upward trend, BTC is probably going to surpass $17,000 in the upcoming days.

Ethereum

Along with bitcoin, Ethereum (ETH) trended upward on Tuesday, rising back into the $1,200 range.

ETH/USD accelerated to a peak of $1,214.73 earlier in the day after hitting a low of $1,160.38 to start the week.

This is true despite the fact that the 10-day (red) and 25-day (blue) moving averages recently crossed downward.

Bitcoin, Ethereum Technical Analysis: Ethereum Back Above $1,200 as Bank of Japan Policy Decision Impacts Markets

As of this writing, the second-largest cryptocurrency in the world appears destined to run into stronger resistance at the $1,230 level.

However, given that the 14-day RSI is currently sitting directly below a ceiling at 47.00, this could prove to be difficult.

More ETH bulls will probably return to the market if this important barrier is broken.

Analysis bitcoin BOJ btc ETH Ethereum
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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