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Bitcoin, Ethereum Technical Analysis: BTC Nears $21,000, ETH Above $1,640 on Saturday

News Feed - 2022-10-29 09:10:55

Bitcoin, Ethereum Technical Analysis: BTC Nears $21,000, ETH Above $1,640 on Saturday


Bitcoin was back in the green on Saturday, as bulls returned to cryptocurrency markets to start the weekend. The token moved closer to a peak of $21,000, rebounding from Friday’s sell-off in the process. Ethereum was also higher in today’s session, climbing by nearly 10%. Bitcoin


Bitcoin (BTC) rebounded from Friday’s sell-off in today’s session, as the token moved closer to a breakout of $21,000.


Following yesterday’s low of $20,132.50, BTC/USD surged to an intraday high of $20,988.39 to start the weekend.


Today’s move sees the world’s largest cryptocurrency hover close to its highest level in nearly six weeks. BTC/USD – Daily Chart


As a result of today’s move, the 14-day relative strength index (RSI) is now nearing a ceiling of its own.


Price strength has already failed to break out of the aforementioned resistance of 66.00 earlier this week, however bulls seem set on retesting this point.


Should a breakout occur, we will not only see the token above $21,000, but potentially moving closer to $22,000. Ethereum


Ethereum (ETH) was also higher to start the weekend, as prices rose by nearly 20% in today’s session.


ETH/USD raced to a peak of $1,644.28 earlier in the day, which comes after it fell to a bottom of $1,494.75 on Friday.


Following today’s rally, the token founded by Vitalik Buterin rose to its highest point since September 13. ETH/USD – Daily Chart


The move came as prices broke through a key resistance point of $1,590, following a failed attempt earlier in the week.


Although the price ceiling was broken, the RSI is now approaching a ceiling of its own, which could lead to increased uncertainty.


As of writing, ETH/USD is trading at $1,614.21, relatively lower than its previous peak.


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Will we see any further surges in ETH this weekend? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: SHIB 20% Higher, as DOGE Hits 5-Month High MARKET UPDATES | 9 hours ago Biggest Movers: AVAX Hits 1-Month High, DOGE Maintains Bullish Momentum MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Akif CUBUK / Shutterstock.com Previous articleBrussels to Spur Rollout of Instant Payments in Euro, Proposes Legislation Next articleBiggest Movers: SHIB 20% Higher, as DOGE Hits 5-Month High Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


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