Bitcoin was once again trading above $30,000, as markets were anticipating the release of May’s non-farm payrolls report. While BTC traded back in green, ETH trades lower and is currently below $1,800.
Bitcoin
BTC recovered from a Thursday price drop to the green Friday as traders waited for the publication of non-farm payrolls reports.
Markets expect 325,000 new jobs to be created in the U.S. in May, after adding 428,000 jobs last April.
BTC prices rose to $30,633.03 today due to speculation about what that number means for the market.
It comes just 24 hours after prices were expected to move towards support at $28,800 following an increase in bearish sentiment.
However, this sentiment has somewhat eased, and today’s surge in price has helped lead the 10-day and 25-day moving averages to an upwards crossover.
Despite this, it will be interesting to see if bitcoin will climb to any further highs today, due to the fact that Friday’s peak sits right at a ceiling of $30,600.
Ethereum
Although BTC was back in the green on Friday, the same could not be said for ETH, which moved even lower in today’s session.
The ETH/USD fell further today after a Thursday move below $1900.
This is around 1.3% lower than yesterday’s peak of $1,845.31, and comes as prices continued to move close to a new support point of $1,715.
Unlike bitcoin which rose in today’s session, ETH has yet to see an upwards cross of its two moving averages, with still a fair distance between them.
Some believe that we may see a decline towards the $1,715 floor, which was last touched on May 28th. Bulls chose to go there because the gap between moving averages would narrow.
ETH currently trades at $1.795. However, as we near the NFP release we’ll likely see more price swings.
Are you expecting ETH to reach its support level this weekend? Comment below to share your views.
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