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Bitcoin, Ethereum Technical Analysis: ETH Rebounds, Climbing to Over $1,600 on Friday

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Ethereum returned to the green on Friday as the bulls returned to action after yesterday’s selloff. Cryptocurrency markets have put aside concerns about Tesla’s bitcoin sale, extending this week’s rally. Bitcoin also rose in today’s session, back to $24,000.

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Bitcoin (BTC) prices rose on Friday as markets rebounded from yesterday’s Tesla selloff.

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The world’s largest cryptocurrency climbed to an intraday high of $23,663.72 in today’s session after falling to $22,431.12 less than 24 hours ago.

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Today’s move shows bitcoin returning to its long-term resistance level at $24,300, which it hit earlier this week.

Bitcoin, Ethereum technical analysis: ETH bounces, rises to over $1,600 on Friday
BTC/USD – daily chart

After today’s surge, price strength hit its own ceiling again two days after failing to clear that hurdle.

This resistance on the 14-day RSI (Relative Strength Index) is at 62 and is the highest relative strength point in three months.

If the bulls finally break this level, we will likely see bitcoin not only move to the $24,000 area, but make a move towards $25,000.

Ethereum

Ethereum (Ethereum) also returned to the green on Friday as the price of Ether surged towards its own resistance level.

After a low of $1472.19 during yesterday’s session, Ethereum/USD hit an intraday high of $1641.21 earlier today.

The move saw the token rise nearly $200 in less than 24 hours, bringing it to the $1,640 resistance level.

Bitcoin, Ethereum technical analysis: ETH bounces, rises to over $1,600 on Friday
Ethereum/USD – daily chart

Looking at the chart, today’s high is the highest point Ethereum has traded since June 11th, with the RSI also tracking multi-month highs.

At the time of writing, the index is now at 68.55, the highest reading since April 4, and if we see prices continue the uptrend, the RSI should be above 70.

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Do you expect Ethereum to rise further this weekend? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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