Bitcoin, Ethereum Technical Analysis: ETH Surges Past $1,200 as Latest Shadow Fork Goes Live
ETH was back in the green, as markets reacted to the release of Shadow Fork 9. Bitcoin was well above $20,000 on Friday, as bulls returned to the crypto market following several days of consolidation. BTC was up by over 5% in today’s session, with ETH not only back into the $1,100 region, but above $1,200. Bitcoin
After battling market uncertainty all week long, bitcoin bulls returned to action on Friday, pushing prices well above $20,000.
The world’s largest crypto token rose to an intraday high of $20,981.99 in today’s session, as prices moved past a key resistance point.
BTC/USD was able to overcome its $20,070 ceiling earlier in today’s session, as it went on to hit its highest point all week. BTC/USD – Daily Chart
The move came as price strength finally overcame its own resistance at the 41.80 level, and as of writing, it is at a reading of over 46.
Looking at the indicator, the next ceiling is at 48. Should the RSI reach this point, we will likely be looking at BTC trading above $21,000.
Overall, bulls could be trying to target the $21,300 price point, which has been a point of uncertainty in recent weeks.
Ethereum
On a percentage level, gains in ETH were even stronger than that of BTC, and came as the latest shadow fork went live.
News of the update buoyed traders, with bulls pushing ETH/USD to an intraday high of $1,225.06, days after almost falling below $1,000. ETH/USD – Daily Chart
Today’s surge in price has seen ethereum climb to its highest point since June 9, and now it’s on the cusp of colliding with a key resistance point.
This ceiling at $1,270 has been in place since June 13, when ETH was on its way down from $2,000. However, bulls may be looking to break this.
In addition to this, price strength is currently trending higher, with the 14-day RSI tracking at the 51.23 level, which is its highest point in over three months.
The next ceiling for the RSI looks as if it could be around 55, and should momentum continue to climb, ETH may continue moving back towards $2,000.
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Will this bullish momentum for ETH continue throughout the weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin ETFs and Open Interest From BTC Futures, Options Follow Crypto Economy"s Spot Market Decline MARKET UPDATES | 7 hours ago Biggest Movers: SOL up by Over 10% on Friday, as MATIC Hits 2-Month High MARKET UPDATES | 8 hours ago
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