Bitcoin, Ethereum Technical Analysis: BTC, ETH Begin Weekend Close to Key Resistance Levels

Bitcoin, Ethereum Technical Analysis: BTC, ETH Begin Weekend Close to Key Resistance Levels

Bitcoin and ethereum began the weekend trading close to key resistance levels, as crypto markets continued to sustain recent gains. Overall, the global cryptocurrency market cap was marginally higher on Saturday, as traders prepared for this weekend’s session. Bitcoin

BTC is currently trading 6% higher than at the beginning of the week, this coming as prices rallied to multi-week highs.

On Saturday, BTC/USD hovered marginally below its resistance of $45,050, as prices rose to an intraday high of $44,999.49.

Following four consecutive days of gains, today’s consolidation sees bulls identifying the current area of uncertainty, and wondering whether to sustain pressure or secure earlier gains. BTC/USD – Daily Chart

BTC has not truly traded above the current resistance level since December 29, when prices were falling from a then high of $52,198.

Looking at the chart, the 14-day RSI indicator has marginally moved beyond its own resistance of 62.10, which is a slight positive for bulls.

However, the price strength is still relatively close to the ceiling, which shows that market uncertainty is still rife.

Traders will likely continue to wait for confirmation prior to any further positions.

. Ethereum

ETH was marginally lower than Friday’s peak of $3,183.96, with the world’s second-largest cryptocurrency trading 0.43% lower as of writing.

Following its breakout of the $3,180 resistance level during yesterday’s session, ETH/USD today fell to a low of $3,087.49.

This intraday bottom was short lived, with prices now back above $3,120 and appearing to be consolidating below the ceiling. ETH/USD – Daily Chart

Price strength in ethereum is deeply overbought, with the 14-day RSI indicator tracking at its highest level since November 10.

Bulls will likely still target the $3,310 resistance, which has been in place since February 10, however the road there seems more uncertain, as bears are likely waiting for a sign to re-enter. Tags in this story Analysis, Bitcoin, Crypto, ETH, Ethereum

Is there enough momentum left in ETH to see further gains 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. Biggest Movers: CVX Nearly 14% Higher, as RUNE Extends Friday"s Gains  MARKET UPDATES | 11 hours ago Biggest Movers: QNT Climbs 10%, as ALGO and RUNE Rise Higher MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSurvey: Cryptocurrency Adoption to Grow Significantly This Year in Latam Next articleVenezuela’s Sunacrip Launches Petro-Based Gift Card Market and Exchange 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 ItIndia Targets 700 Crypto Investors for Non-Payment of Taxes: Report

India"s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. "We have a long list of people who were transacting in crypto assets but were not paying tax," said ... read more.BNDES Director Offers New Insights on Development of Brazilian Blockchain Network Kazakhstan Shuts Down Over 100 Crypto Mining Farms Fed Hikes Benchmark Bank Rate for the First Time Since 2018, FOMC Expects 6 More Increases UAE Hospitality Brand Stella Stays Now Accepts Crypto