Post a Comment Print Share on Facebook
Featured Gobierno de Aragón Fuerzas Armadas Lituania OTAN Erdogan

Bitcoin and Ethereum Technical Analysis: ETH Climbs up to $3,500 to Kick-Off the Weekend

ETH reached its highest level since January 1st to start the weekend. This was due to yesterday's consolidation which saw prices rise. BTC rallied as well, but is still below the week's high at over $48,000

- 14 reads.

Bitcoin and Ethereum Technical Analysis: ETH Climbs up to $3,500 to Kick-Off the Weekend

Bitcoin

While BTC opened the weekend trading below this week’s high of $48,278, bulls sought to regain this level by moving away Friday's lows.

After the report on nonfarm payrolls, BTC dropped to $44,846.26 Friday. However, prices rose to $47,028.28 Saturday.

This is a good move as yesterday's uncertainty has diminished, which gives bulls more reason to re-enter market.

After yesterday's false breakout at $45,000 support, the price of BTC has rebounded. This led to a continuation of bullish sentiment today.

The chart shows that the 14-day RSI also showed this. A breakout of the 62.60 resistance occurred earlier in the day.

This could be a reason for bulls to try to break the $48,300 resistance and possibly target $50,000.

Ethereum

BTC wanted to recapture the week's high but Ethereum began the weekend with its peak four months earlier.

The second-largest cryptocurrency in the world is up more than 6% today, climbing to $3,509.18.

This price rally saw ETH/USD reach its highest point since January 6. It comes as markets finally move past a troubled ceiling.

The resistance in the chart is the $3,440 level, which was the primary obstacle to the price rising further.

Price strength is also showing some momentum as the 14-day RSI reached its highest point since Wednesday.

Prices are now above 70. However, the $3,440 resistance is gone and prices may rise further.


 

Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
Warning! Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.