Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,300 to Start the Weekend
Ethereum was once again trading above $1,300, as cryptocurrency prices rose to start the weekend. Markets were back in the green on Saturday following a volatile week, which came as the U.S. dollar continued to strengthen. Bitcoin also surged higher, moving back above $19,000. Bitcoin
Bitcoin (BTC) rose back above $19,000 on Saturday, as cryptocurrency markets climbed higher to start the weekend.
Earlier in today’s session BTC/USD rallied to an intraday high of $19,237.39, which comes less than a day after hitting a low of $18,770.97.
Today’s peak sees the token move away from its recent support point of $18,900, following a false breakout in yesterday’s session. BTC/USD – Daily Chart
Looking at the chart, the rebound in price has also pushed the 14-day relative strength index (RSI) higher, and it’s now moving towards a resistance point of its own.
As of writing, the index is tracking at the 46.35 point, which is marginally below a resistance level of 48.00.
Should we see this ceiling broken, then BTC bulls could be one step closer to recapturing the $20,000 mark. Ethereum
Ethereum was also trading higher to start the weekend, as the token surged following a turbulent week of trading.
Following a move to a low of $1,260.67 on Friday, ETH/USD was back above $1,300 on Saturday, hitting a peak of $1,306.71 in the process.
Like with bitcoin above, today’s surge saw ethereum bounce from a key support of $1,270, and it is now on course to hit a resistance level. ETH/USD – Daily Chart
The aforementioned ceiling is the $1,330 point, which hasn’t been hit since Tuesday, when bearish pressure moved the price below this point.
Bullish sentiment seems to be returning, however, with the RSI now tracking at 45.90, which is marginally below a ceiling of 46.00.
If momentum remains upward-focused we will likely see this point broken this weekend, and the token once again above $1,330.
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Where do you expect to see ether land 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 retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: QNT Extends Recent Gains, Climbing by 10% on Saturday MARKET UPDATES | 9 hours ago Biggest Movers: QNT Rebounds on Friday, UNI Extends Recent Decline MARKET UPDATES | 1 day ago
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