Ethereum continued to trade near a key $1,700 resistance level on Saturday, following the US Non-Farm Payrolls (NFP) report on Friday. Yesterday’s report showed that 517,000 jobs were added to the US economy in January, better than the 185,000 many had expected. However, Bitcoin mostly consolidated as traders moved in for recent gains.
Bitcoin
bitcoin (BTC) moved lower to start the weekend as traders continued to lock in gains after a recent rally to a six-month high.
After a high of $23,678.10 on Friday, BTC/USD fell to an intraday low of $23,279.96 earlier in the session on Saturday.
Today’s decline sees bitcoin fall for the third day in a row, coming after Thursday’s high of $24,262, which was BTCThe highest point since the beginning of August last year.
As a result of recent declines, bitcoin’s 14-day RSI now sits at 68.41.
This is marginally above a support point at 68.00, which is a level that has not been broken since January 11.
If this floor does not hold during today’s session, it is likely that the bearish sentiment will continue to build, pushing prices below $23,000 in the process.
Ethereal
On the other hand, ethereum (ETH) rose marginally higher on Saturday, holding close to a $1,700 resistance level in the process.
ETH/USD reached a high of $1,670.70 to start the weekend, as the world’s second-largest cryptocurrency rebounded from Friday’s low of $1,634.49.
Following a rise to $1,714 on Thursday, which was the strongest point for ETH since September, prices have consolidated.
Looking at the chart, Saturday’s rise has pushed the RSI closer to its own resistance at 68.00, with the index currently tracking at 64.35.
ETH it will probably reach the $1,700 mark if the price strength recovers this ceiling.
The 10-day moving average (red) seems to be heading higher, which could be a positive sign for bulls anticipating the next few waves.
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Could we see Ethereum rally above $1700 this weekend? Leave your thoughts in the comments below.
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