Fun

Bitcoin, Ethereum Technical Analysis: ETH up Nearly 10%, Crypto Markets Rally

News Feed - 2022-02-04 11:02:46

Bitcoin, Ethereum Technical Analysis: ETH up Nearly 10%, Crypto Markets Rally


Following two consecutive sessions of declines, cryptocurrencies rebounded on Friday, as markets prepared for the first non-farm payrolls of the year. ETH was up 8% as of writing, with the crypto market cap 4.4% higher. Bitcoin


On the first Friday of each month, non-farm payrolls in the United States are released, and this typically sees an increase in market volatility, across all asset classes.


The world’s largest cryptocurrency, bitcoin, which fell to an intraday low of $36,388.14 during yesterday’s session, was up nearly 5% today, potentially benefiting from this volatility.


This came as BTC/USD hit an intraday high of $38,139.66 on Friday, as both traders and investors seem to have bought Thursday’s dip.


As a result, the 14-day RSI held its support of 35, which initially appeared to be broken, and this indicator has now surged beyond resistance of 40, and tracks at 41.4. BTC/USD – Daily Chart


As described earlier this week, bitcoin looks as though it is consolidating after selloffs in December and January, with many still anticipating either a break from support or resistance, to trigger the next sizable price swing.


Momentum for this swing is somewhat bullish, based on recent rallies.


Ethereum


ETH was once again higher on Friday, with prices of the world’s second largest cryptocurrency moving closer towards the $3,000 level.


ETH/USD is currently up around 8% in today’s session, after hitting an intraday high of $2,855.75 earlier.


The move saw ethereum briefly rally beyond resistance of $2,844.00, before giving back some of these gains, likely as a result of profit takers closing their positions. ETH/USD – Daily Chart


Heading into the weekend, the 14-day RSI is trading above resistance of 44, and if there are more bulls added to this run, we could see multi-week highs for ETH. Tags in this story Bitcoin, ETH, ethereum BTC, Technical Analysis


Will the crypto red wave reappear this weekend? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Technical Analysis: Bitcoin Hits $40,000, as LEO Leads Friday Rally MARKET UPDATES | 5 hours ago Technical Analysis: Gamestop Partnership Sends IMX 35% Higher MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSIDUS HEROES Receives Investment From Animoca Brands, Alameda Research, Bloktopia, OKEX, Polygon and Master Ventures Next articleStablecoin Economy Continues to Balloon as USDC’s Market Cap Crosses $50 Billion 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 ItReport: Nvidia’s Lite Hash Rate Tech to Stop Crypto Miners "Was Pointless"


In mid-May 2021, the American multinational technology company Nvidia Corporation revealed that it added a hashrate limiter to curb the use of cryptocurrency mining with its graphics processing units (GPUs). However, crypto miners now say the move was pointless, and ... read more.Russians Aware of Bitcoin Divided on Proposed Crypto Ban, Poll Finds Russian Investors to Pass Exams Before Buying Cryptocurrencies, Draft Law Suggests Stablecoin Issuance Surged Last Year — UST Saw the Largest 12-Month Increase Apple on Metaverse: We See a Lot of Potential and Are Investing — CEO Tim Cook Says "It"s Very Interesting to Us"

News Feed

Biggest Movers: LTC, ETC 15% Higher, as Crypto Markets Rebound on Monday
Biggest Movers: LTC, ETC 15% Higher, as Crypto Markets Rebound on Monday Litecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. The toke
MahaDAO to List MAHA and ARTH With BitMax.io
MahaDAO to List MAHA and ARTH With BitMax.io press release PRESS RELEASE. BitMax.io(BTMX.com), an industry-leading digital asset trading platform built by Wall St
Blockchain.com Inks Sponsorship Deal With the NFL’s Dallas Cowboys
Blockchain.com Inks Sponsorship Deal With the NFL’s Dallas Cowboys On Wednesday, the firm Blockchain.com announced it inked a deal with the NFL’s Dallas Cowboys as the tea
Satoshi Nakamoto Dropped From the World’s 20th Richest Billionaire to the 79th in 8 Months
Satoshi Nakamoto Dropped From the World"s 20th Richest Billionaire to the 79th in 8 Months In mid-November 2021, Bitcoin’s inventor Satoshi Nakamoto was one of the wealthies
Bitcoin Interest-Bearing Accounts Were Conceived Over 10 Years Ago, but the Idea Took 8 Years to Catch On
Bitcoin Interest-Bearing Accounts Were Conceived Over 10 Years Ago, but the Idea Took 8 Years to Catch On While decentralized finance (defi) has created a plethora of protocols tha
The World Economic Forum Is Worried About Safety in the Metaverse
The World Economic Forum Is Worried About Safety in the Metaverse The World Economic Forum (WEF), one of the most influential international institutions, has expressed its worries
After Fed Members Disclose Million-Dollar Stock Trades Fed’s Powell Initiates Ethics Inquiry
After Fed Members Disclose Million-Dollar Stock Trades Fed"s Powell Initiates Ethics Inquiry The Federal Reserve chairman Jerome Powell has directed his staff to start an ethics in
Skybridge Capital Founder Predicts $100K Bitcoin Price This Year Due to ‘Heavy Demand’ and Diminishing Supply
Skybridge Capital Founder Predicts $100K Bitcoin Price This Year Due to "Heavy Demand" and Diminishing Supply The founder of asset management firm Skybridge Capi
Despite the Former FTX CEO’s Media Tour Many Unanswered Questions Remain
Despite the Former FTX CEO"s Media Tour Many Unanswered Questions Remain Former FTX CEO Sam Bankman-Fried (SBF) has been talking a lot more since his exchange collapsed a few weeks
Turner Wright11 hours agoTexas Blockchain Council director announces run for State HouseThe director of Bitcoin mining analytics at the TBC said he was opposed to the Fed’s exploration of a central bank digital currenc
US politicians who may be spinning the news with crypto
Turner Wright2 hours agoUS politicians who may be spinning the news with cryptoDonald Trump seems to have doubled down on digital assets after he was convicted of 34 felony counts in New York.880 Total views2 Total share
Physical version of gold-backed token replaces Zimbabwe dollar
Derek Andersen3 hours agoPhysical version of gold-backed token replaces Zimbabwe dollarThe country has struggled with an unstable currency for years, but now it will have one backed by reserves three times larger than it