Ethereum surged above $1,700 while bitcoin broke a seven-day losing streak on Friday and prices rebounded in today’s session. The move comes ahead of today’s jobs report, which is expected to show 250,000 jobs were added to the US economy in July.
Ahead of the Bitcoin nonfarm payrolls report (BTC) returned to the green on Friday as the token recovered from its recent decline.
After a low of $22,485.70 in Thursday’s session BTC/USD rose to a peak of $23,354.13 earlier in the day.
The move came as Bitcoin bulls helped prices rebound from a key $22,600 support point after an earlier false break.
Despite today’s upsurge, BTC down 2.30% over the past seven days as prices fell in consecutive sessions.
This caused the 14-day RSI (Relative Strength Index) to drop below its 53 support point, dropping to a low of 50.95, which was also an intermediate level.
At the time of writing, price strength has moved above this point and is currently tracking at 56.80 with a ceiling of 61 pending ahead.
Ethereum (Ethereum) also rebounded on Friday as prices surged above $1,700, offsetting the previous two days of trading.
At the time of writing, the world’s second largest cryptocurrency has peaked at $1,708.98 in today’s session as the bulls re-entered the market.
The move takes place in less than 24 hours after Ethereum was trading at a low of $1,585.33 after recent bear pressure.
Ethereum the pressure seems to have been handled so far and the momentum is now shifting, following today’s bullish engulfing pattern.
If this trend continues, the next target for the bulls is likely to be the resistance level close to $1,800, which was last hit on July 28.
In order for this to happen, price strength would need to rise towards the ceiling at 66 on its own. At the time of writing, the RSI is tracking at 63.85.
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Credit : news.bitcoin.com