As LUNA’s life support was all but switched off on Friday, BTC and ETH rallied, with prices climbing by as much as 10%. Today’s price surge saw bitcoin climb above $30,000, with ETH once again trading above its $2,000 level.
Bitcoin
Bitcoin rebounded and was trading higher in today’s session, as markets recovered a bit from sell-offs earlier in the week.
Following a streak which saw it fall for seven of the last eight days, the world’s largest cryptocurrency was firmly in the green on Friday.
BTC/USD rose to an intraday high of $30,921.27 earlier in today’s session, with prices up by as much as 10% at the height of the rally.
Today’s surge comes after prices almost fell below $26,000 during yesterday’s stretch, which was the lowest level for BTC since late 2020.
Looking at the chart, it seems as though a price floor has been found, with the $28,860 point acting as a support, and it was at this level where today’s rally commenced.
As of writing, we are now trading at $30,727.01, which is 8.75% higher than yesterday’s low, with some bulls likely targeting a ceiling of $32,500 as an exit point.
Ethereum
ETH prices also traded above $2,000 on Friday as the price of ETH moved from its multi-month lows.
Following a low of $1,874.51 during Thursday’s session, the world’s second-largest token was up over 10% today, hitting a high of $2,128.34.
Similar to BTC, ethereum seemed to have found a floor of its own, using the $1,950 floor as a springboard to today’s rally.
Although the price surge has been significant, Ethereum/USD remains oversold and currently tracks around 33, which is also an important long-term resistance level.
If this ceiling is broken, bulls might look to make a move toward the $2,350 level, which many consider a ceiling.
Overall, ETH remains down more than 20% for the seven-day period, while BTC trades 15% lower during that time.
Are these support points likely to be retained this weekend? Please leave your comments.
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