• Bitcoin raced to a fresh multi-week high on Wednesday, ahead of Thursday’s US inflation rate report.
• Ethereum also rose marginally higher in the day.
• Bitcoin and Ethereum need to break out of key resistance levels to move closer to their respective ceilings.

The cryptocurrency market saw a surge of activity on Wednesday as Bitcoin (BTC) and Ethereum (ETH) both saw significant gains. Bitcoin raced to a fresh three-week high, with prices hitting $17,493.32 earlier in the day. This surge came as markets turned their attention to tomorrow’s US inflation rate report, which is expected to show that consumer prices have fallen to 6.5%, down from 7.1% the month prior.

Ethereum also saw a small increase, with prices hovering around the $1,350 resistance point. ETH/USD hit a high of $1,342.76 earlier in the day, less than 24 hours after trading at a low of $1,324.97. Despite the slight uptick, Ethereum remains below the $1,350 resistance point, with many expecting prices to move after the release of US inflation figures tomorrow.

Looking at the technical analysis, Bitcoin’s price surge came as the 14-day relative strength index (RSI) broke out of a resistance point at the 60.00 mark. Currently, the index is tracking at 63.80. This comes as BTC continues to hover around its own ceiling at the $17,400 mark. In order to move closer to the $18,000 zone, the RSI will first need to move beyond a ceiling of 64.00 on the RSI.

For Ethereum, the consolidation below the $1,350 price ceiling comes as the RSI continues to trade under a hurdle of its own. Price strength is now tracking at the 68.73 level, which is under a point of resistance at the 70.00 mark. ETH bulls are now waiting to see if the RSI can break out of this resistance point.

Overall, the cryptocurrency market is now eagerly awaiting Thursday’s US inflation report, which is expected to provide some clarity on the future of Bitcoin and Ethereum prices. If the report shows a decrease in consumer prices, it’s likely that both BTC and ETH will see further gains. However, if inflation rises, it’s likely that both currencies will see a drop in prices.