Ethereum moved closer to $1,400 on Thursday, as the token rebounded from yesterday’s sell off. The world’s second largest cryptocurrency rose to its highest point in almost ten days during today’s session, as markets were marginally higher. Bitcoin trading at above $22,000
Bitcoin
Bitcoin (BTC), hovered above $20,000 once more on Thursday as markets were buoyed by higher than anticipated private payroll figures.
Ahead of tomorrow’s non-farm payrolls report, ADP private sector payrolls came in at 208,000, higher than the 200,000 markets had expected.
BTC/USD climbed to an all-time high of $20.408.39 after the report. It also remained close to the previous three-week high of $20.545
Looking at the chart, today’s surge has pushed the momentum of the 10-day (red) moving averages higher, with the trend line now nearing an upwards cross with its 25-day (blue) counterpart.
BTC currently trades marginally below its 20,300 level, the long-term support for Bitcoin, that has been mostly in place since September 13.
The currency ceiling of 55.60 is required for the relative strength index to surpass this point.
Ethereum
Ethereum (ETH) moved to a ten day high in today’s session, as bulls continued to push prices towards the $1,400 mark.
Following a low of $1,320.86 on Wednesday, ETH/USD rose to a peak of $1,380.40 earlier in today’s session.
This represents the highest point at which the token traded since September 27, when it was also the last time ethereum was above $1,400.
The current trading price of ETH is $1,368 as of this writing.
As resistance at 47.00 (also in place since September mid-September), the RSI is causing the decline.
Once this obstacle has been finally overcome, then the world’s second largest crypto token will likely be back above $1,400.
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Are we likely to see ethereum surpass this level this week? Please leave your comments.
Images CreditsShutterstock.com – Dennis Diatel, Pixabay and Wiki Commons
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