Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,700, as Markets Rebound on Saturday
Ethereum was once again trading above $1,700 by the start of the weekend as cryptocurrencies rebounded from Friday’s plunge. The capitalization of the global cryptocurrency market has increased in today’s session, as the bulls switched to buying on yesterday’s fall. Bitcoin also returned to the green zone, its prices approaching the $25,000 mark.
Bitcoin (BTC) approached the $25,000 mark on Saturday as crypto markets bounced back from yesterday’s plunge.
After a low of $23,712.05 on Friday BTC/USD hit an intraday high of $24,924.04 earlier in the day.
As a result of this move, Bitcoin once again broke through its long-term resistance level at $24,200.
In addition, the 14-day Relative Strength Index (RSI) also rose above its own resistance at 65.00 after tracking close to 61.00 on Friday.
As of this writing, price strength is currently at 65.29 with a ceiling at 70.00, which is a possible target for the bulls.
The 10-day (red) moving average has also reversed course and appears to be approaching an upward crossover with its 25-day (blue) counterpart.
If this happens BTC could be above $26,000 by the end of the weekend.
Ethereum (ether) rose above the $1,700 level to start the weekend and the bulls are back to fold.
ether/USD peaked at $1,716.78 earlier in the day, less than 24 hours after trading at a low of $1,656.28.
The second largest cryptocurrency in the world rose above the $1,675 price ceiling following this move.
At the time of writing, previous gains have been somewhat weakened as the RSI hit a ceiling at 63.00.
After this clash, price strength is now hovering around 60.44 with Ethereum trading at $1693.41.
If the bulls fail to overcome this hurdle, it is unlikely that ether will earn $1,700 again this weekend.
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Credit : news.bitcoin.com