Fun

Bitcoin, Ethereum Technical Analysis: ETH Remains Near $1,700 to Start the Weekend 

News Feed - 2023-02-04 09:02:44

Bitcoin, Ethereum Technical Analysis: ETH Remains Near $1,700 to Start the Weekend 


Ethereum continued to trade close to a key resistance level of $1,700 on Saturday, following Friday’s U.S. non-farm payrolls (NFP) report. Yesterday’s report showed that 517,000 jobs were added to the U.S. economy in January, better than the 185,000 many were expecting. Bitcoin mostly consolidated however, as traders moved to take recent profits. Bitcoin


Bitcoin (BTC) moved lower to start the weekend, as traders continued to secure gains following a recent climb to a six-month high.


Following a high of $23,678.10 on Friday, BTC/USD fell to an intraday low of $23,279.96 earlier in Saturday’s session.


Today’s decline sees bitcoin fall for a third straight day, and comes following Thursday’s high of $24,262, which was BTC’s highest point since early-August last year. BTC/USD – Daily Chart


As a result of recent declines, bitcoin’s 14-day relative strength index (RSI) is now tracking at 68.41.


This is marginally above a point of support at 68.00, which is a level that has not been broken since January 11.


Should this floor fail to hold during today’s session, bearish sentiment will likely continue to rise, pushing prices below $23,000 in the process. Ethereum


On the other hand, ethereum (ETH) rose marginally higher on Saturday, remaining close to a resistance level of $1,700 in the process.


ETH/USD hit a high of $1,670.70 to start the weekend, as the world’s second largest cryptocurrency bounced away from Friday’s low at $1,634.49.


Following a surge to $1,714 on Thursday, which was the strongest point for ETH since September, prices have moved into consolidation. ETH/USD – Daily Chart


Looking at the chart, Saturday’s climb has pushed the RSI closer to a resistance of its own at 68.00, with the index currently tracking at 64.35.


ETH will likely reach the $1,700 mark should price strength recapture this ceiling.


The 10-day (red) moving average appears to be upwards facing, which could be a positive sign for bulls anticipating upcoming surges.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Could we see ethereum climb above $1,700 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: SHIB Jumps 13% on Saturday, Hitting a 4-Month High MARKET UPDATES | 9 hours ago Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEgyptian Fintech MNT-Halan Secures $400 Million in Funding, Valuation Rises to Over $1 Billion Next articleBiggest Movers: SHIB Jumps 13% on Saturday, Hitting a 4-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 ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Russia, US in Top 3 for Crypto-Related Threats, Cybersecurity Report Unveils
Russia, US in Top 3 for Crypto-Related Threats, Cybersecurity Report Unveils Threats related to cryptocurrency have followed prices, decreasing significantly after the market slump
FTX Donations to Early Covid-19 Researchers Raise Questions of Propaganda Tied to Pandemic Prevention
FTX Donations to Early Covid-19 Researchers Raise Questions of Propaganda Tied to Pandemic Prevention While the former CEO of FTX, Sam Bankman-Fried, awaits his trial at the end of
Biggest Movers: AVAX, RUNE up Over 10%, as CAKE Surges 20% on Thursday
Biggest Movers: AVAX, RUNE up Over 10%, as CAKE Surges 20% on Thursday AVAX was once again higher on Thursday, rising for its fourth consecutive session, as it further cements itse
Researchers identify key circuit layer vulnerabilities in SNARK systems
Ana Paula Pereira3 hours agoResearchers identify key circuit layer vulnerabilities in SNARK systemsA study by Imperial College London examined 141 vulnerabilities in SNARK systems, mostly impacting system soundness and c
Darknet Giant White House Market Drops Bitcoin, Supports Monero Payments Only
Darknet Giant White House Market Drops Bitcoin, Supports Monero Payments Only The prominent darknet marketplace, White House Market, has dropped bitcoin payments
Hong Kong Reaffirms Commitment to Become Regional Crypto Hub
Hong Kong Reaffirms Commitment to Become Regional Crypto Hub Hong Kong has reaffirmed its commitment to become a regional crypto hub in following the collapse of cryptocurrency exc
New South African Code Says Crypto Asset Ads Must Include Capital Loss Warning
New South African Code Says Crypto Asset Ads Must Include Capital Loss Warning Crypto asset service providers in South Africa seeking to attract investors via advertisements must &
Chipotle’s ‘Buy the Dip’ Game Plans to Reward Players With $200K in ETH, BTC, SOL, AVAX, and DOGE
Chipotle"s "Buy the Dip" Game Plans to Reward Players With $200K in ETH, BTC, SOL, AVAX, and DOGE Chipotle Mexican Grill, often referred to as simply Chipotle, has announced a new
Bitcoin Lost And Retested The 200-Day MA As Resistance – Here’s What Happened Last Time
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Cointelegraph Research9 hours agoThe new Cointelegraph Research Terminal: Home to critical crypto data reportsCointelegraph’s new Research Terminal offers a slick new look and more features to help retail and instituti
Ezra Reguerra15 hours agoEmurgo to invest and fill 21 areas ‘missing’ from Cardano — CEOEmurgo founder and CEO Ken Kodama told Cointelegraph that the company has identified 21 areas that Cardano is missing but are
Former Bitcoin Dev Gavin Andresen Revises 2016 Blog Post, Calls Trust in Craig Wright a ‘Mistake’
Former Bitcoin Dev Gavin Andresen Revises 2016 Blog Post, Calls Trust in Craig Wright a ‘Mistake’ During the first week of Feb. 2023, the United Kingdom Court of Appeal overtur