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Bitcoin renews its offer at $120,000 while targeting Ethereum at $4,000
The price of Bitcoin stabilizes above key support levels, including the 100-period exponential moving average at $115,701, the 50-period exponential moving average at $115,194, and the 200-period exponential moving average at $114,768 at the time of writing this report on Thursday.
The short-term ascending structure is supported by the upward-moving Relative Strength Index (RSI), which is settling at 62, indicating that speculative demand is rising steadily.
Breaking above the descending trendline resistance would confirm the bullish grip, increasing the chances of Bitcoin's price rising to test the resistance at $118,000 and $120,000 respectively.
As for Ethereum, it seems that the bulls are in control, having regained support at $3800. The Relative Strength Index is stable at 67, indicating steady speculative demand, supported by an increase in spot trading volume.
Traders will be looking for a daily close above $3800 to confirm the strength of the uptrend, turning their attention to the next critical level at $4000. The price of Ethereum has risen by 14% from its August low of around $3500, which doubled as a support level last week.