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Bitcoin, Ethereum Technical Analysis: ETH on the Cusp of $1,200 Following Breakout of Key Resistance Level

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Bitcoin rose slightly on the last Friday of the month, breaking the recent $21,100 resistance in the process. ether was also in the green during today’s session, rising almost 5%, breaking its own price ceiling.

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After a hectic trading week BTC was even higher on Friday as prices surged above $21,000 ahead of the weekend.

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Less than a day after trading at a low of $20,233.56, BTC/USD rose to an intraday peak of $21,266.39.

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In Friday’s flurry of trading, prices broke through a key $21,100 resistance point, and this has happened as bulls continue to buy bitcoin on the recent dip.

Bitcoin, Ethereum Technical Analysis: ETH at $1,200 Threshold after Key Resistance Breakout
BTC/USD – daily chart

After clearing today’s hurdle, traders are likely to target this week’s high of $21,700 over the weekend.

Looking at the chart, if this level is reached, we will probably see that many bulls will choose to take profits and close positions due to the approaching ceiling of the 14-day RSI.

This hurdle stands at 36.70 on the Relative Strength Index, which is currently tracking at 35 and is firmly in oversold territory.

Ethereum

Ethereum was rapidly approaching $1,200 on Friday as bullish momentum took prices above a key resistance level.

After nearly dropping below $1,000 during Thursday’s session ether/USD rose to an intraday high of $1,191.27 at the time of writing.

At this peak, the world’s second-largest crypto token traded almost 8% higher than yesterday’s low, while breaking the ceiling of $1,190.

Bitcoin, Ethereum Technical Analysis: ETH at $1,200 Threshold after Key Resistance Breakout
ether/USD – daily chart

As discussed yesterday, this level was one of the few obstacles preventing prices from re-entering the $1,200 area.

Today’s growing pressure from ether the bulls come in after the 35.60 14-day RSI ceiling was breached on Thursday.

With a breakout likely later in today’s session, the only question is where the bulls would choose to exit.

How high do you expect ether go up this weekend? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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