Bitcoin Hits $30,000, Ethereum Nears $2,000: BTC and ETH Technical Analysis

• Bitcoin (BTC) rose above $30,000 on Tuesday, as Ethereum (ETH) neared the $2,000 mark.
• The surge came after Consumer Prices in China rose by 0.7% in March.
• Technical indicators suggest that both currencies are likely to remain in a bullish trend in the near future.

Bitcoin Reaches New Highs

Bitcoin (BTC) moved above $30,000 on April 11th, driven by news of an 18-month low in consumer prices in China. This marks the highest point for BTC since June 9th and has been met with enthusiasm from investors.

Ethereum Follows Suit

Ethereum (ETH) also experienced a surge in price following the news from China, moving closer to its highest point since August 2020 of $2,000. Technical indicators suggest that ETH could move back above this level soon if current momentum is maintained.

Technical Analysis

Looking at BTC/USD charts, the 10-day moving average avoided a downward cross with its 24-day counterpart and the relative strength index (RSI) moved above 68.00 – suggesting that bulls may begin to secure profits going forward. Similarly for ETH/USD charts; the RSI broke out of a ceiling at 61.00 and is now tracking at 64.04 – hinting at further upside potential for Ethereum if it can break past 65.00 resistance levels soon.

Short Term Outlook

Overall sentiment remains strong for both Bitcoin and Ethereum as they approach key milestones; however caution should be exercised as these markets remain highly volatile and unpredictable at times – any sudden changes could see prices drop quickly too.

Conclusion

In conclusion, it appears that cryptocurrencies are well positioned to continue their bullish run in the short term; however investors should maintain appropriate risk management strategies when trading these assets as price movements can be swift and dramatic at times depending on market conditions