ETH Hits $2,000 for First Time Since May – Market Updates Bitcoin News

Ethereum trades above $2,000 in the first weekend of trading, marking the highest price since May. Crypto markets were back in the green, after marginally consolidating in Friday’s session. Bitcoin moved closer towards $25,000 on Saturday. However, it has not yet broken this ceiling.


Bitcoin (BTC), which was slightly higher than usual on Saturday as it tried to surpass the $25,000 mark once more, was only marginally lower.

After a Friday low of $23,657.27, the BTC/USD intraday high was $24,860.05. This is to begin the weekend.

Bitcoin briefly broke through the resistance level of $24,600. It also reached a near two-month high over $24,900.

Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 for First Time Since May
BTC/USD – Daily Chart

Looking at the chart, today’s gains come as the 14-day relative strength index (RSI) finally broke out of its long-term resistance point at the 60.32 level.

At the time of writing, index was at 61.60. That is slightly less than another level of uncertainty at 61.80.

The gains from earlier periods have slowed down, and BTC is currently trading at $24,407.29. This could be because bulls abandoned their previous positions to make profits.


Whilst BTC was struggling to break out of a key point at $25,000, ethereum (ETH) raced past its own ceiling in today’s session.

On Saturday, prices of the world’s second-largest token moved above $2,000 for the first time since May.

Following a low of $1,868.42 on Friday, ETH/USD moved to a peak of $2,013.76 earlier in today’s session.

Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 for First Time Since May
ETH/USD – Daily Chart

This marks the highest point at which ethereum traded since May 23rd. It also comes after price strength surpassed a ceiling.

The chart also shows the RSI racing past its resistance of 68. It is now tracking at 71.55. This reading is its highest since April 4.

At the time of writing, ethereum was overbought. This could lead to bears slowly looking for entry points back into market.

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Are you sure ethereum will reach higher heights next weekend? Please leave your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.

Image creditShutterstock. Pixabay. Wiki Commons

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