Bitcoin, Ethereum Technical Analysis: ETH, BTC Higher Following US Nonfarm Payrolls Report
Ethereum moved closer to the $1,300 level on Dec. 2, as prices remained near a multi-week high. This comes as the latest U.S. nonfarm payrolls report showed that 263,000 jobs were added to the U.S. economy. Markets had expected this to come in at 200,000. Bitcoin was trading above $17,000 prior to the release of the data. Bitcoin
Bitcoin (BTC) was once again trading above the $17,000 level, following today’s U.S. nonfarm payrolls (NFP) report.
Today’s data was expected to show an addition of 200,000 jobs to the American economy, which would have been less than October’s figure of 260,000. However, the numbers came in better than expected, at a level of 263,000.
BTC/USD rose to a high of $17,197.50 ahead of the news, which comes less than a day after prices were at a bottom of $16,888.39. BTC/USD – Daily Chart
As can be seen from the chart, the rally came as prices moved past a key resistance level of $16,800, with the relative strength index (RSI) also hovering near a ceiling.
The index is currently tracking at 48.68, which is marginally below a resistance point of 50.00, which seems to be the main obstacle in the way of prices extending earlier gains.
Bulls will remain optimistic despite this, with the 10-day (red) moving average closing in on an upwards crossover with its 25-day (blue) counterpart. Ethereum
Like BTC, ethereum (ETH) also moved higher on Friday, as the coin continued to hover close to the $1,300 mark.
Following a low of $1,267.71 on Thursday, ETH/USD raced to an intraday high of $1,293.11 earlier in today’s session.
Friday’s move sees the world’s second largest cryptocurrency climb close to its recent resistance of $1,300, but the asset has so far been unable to move beyond this point. ETH/USD – Daily Chart
This comes despite the 10-day (red) moving average appearing to have marginally crossed over its 25-day (blue) counterpart.
Should this crossover continue in an upward direction, not only will ETH move past the $1,300 point, but it will likely head towards a higher ceiling of $1,390.
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Do you expect the Federal Reserve to pivot its policy following today’s report? 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: DOT Hits 12-Day High, UNI up for Fourth Straight Day MARKET UPDATES | 7 hours ago Markets Spike After Fed Chair Says It ‘Makes Sense to Moderate the Pace’ of Rate Hikes, Hints Easing Could Happen in December MARKET UPDATES | 2 days ago
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