ETH rose to its highest level since the start of January to begin the weekend, as prices rose following yesterday’s consolidation. BTC also rallied, however remains below this week’s high of over $48,000.
Bitcoin
Although BTC started the weekend trading below this week’s high of $48,278, bulls looked to recapture this level, by moving away from Friday’s lows.
BTC declined to $44,846.26 following the Nonfarm Payrolls Report. Prices rose to $47.028.28 for the weekend however, as prices fell on Friday to an all-time low of $44,846.26.
This move comes as the uncertainty surrounding yesterday’s announcement has somewhat faded, giving bulls more encouragement to re-enter the market.
The rebound in BTC’s price follows yesterday’s false breakout of support at $45,000, which then led to an extension of recent bullish sentiment into today’s session.
This chart also shows the 14-day RSI showing this. The breakout of the 62.60 resistance was earlier in the morning.
This could be a reason for bulls to try to break the $48,300 resistance and possibly target $50,000.
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Ethereum
Whilst BTC was looking to recapture this week’s high, ETH started the weekend by hitting its peak from four months ago.
The world’s second largest cryptocurrency is currently up by over 6% on the day, as it climbed to a high of $3,509.18.
This price rally saw USD/ETH rise to their highest point since Jan 6, which is a sign that markets are finally moving past the troubled ceiling.
As you can see, the resistance at $3,440 was what stopped the price increasing further.
The price strength gained some momentum as well, and the 14 day RSI hit its highest point since Wednesday.
Prices are now above 70. However, the $3,440 resistance is gone and prices may rise further.
Is $3,800 the new price target for ETH bulls? Please leave your comments.
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