ETH Back Above $1,700 As Markets Rebound On Saturday – Market Updates Bitcoin News
Ethereum once again traded above $1,700 to start the weekend, as the cryptocurrencies rallied from Friday’s decline. The global crypto market cap rose in today’s session as bulls moved to buy yesterday’s dip. Bitcoin was also back in the green, with prices approaching the $25,000 mark.
Bitcoin
Bitcoin (BTC) moved towards the $25,000 mark on Saturday, as crypto markets recovered from yesterday’s decline.
After a low of $23,712.05 on Friday, BTC/USD rallied to an intraday high of $24,924.04 earlier in the day.
As a result of this move, bitcoin once again broke out of its long-term resistance level at the $24,200 point.
In addition to this, the 14-day relative strength index (RSI) also moved back above its own resistance level of 65.00, after tracking near the 61.00 mark on Friday.
As of this writing, price strength is currently at a reading of 65.29, with a ceiling of 70.00 a possible target for bulls.
The 10-day (red) moving average has also fully reversed course, and appears to be nearing an upward cross with its 25-day (blue) counterpart.
Should this happen, BTC could be above $26,000 before the end of the weekend.
Ethereum
Ethereum’s (ETH) surged back above the $1,700 level to start the weekend, with bulls returning to the fold.
ETH/USD moved to a high of $1,716.78 earlier in the day, which comes less than 24 hours after trading at a low of $1,656.28.
The world’s second largest cryptocurrency climbed back above a price ceiling of $1,675 after the move.
At the time of writing, previous gains have diminished somewhat, as a result of the RSI colliding with a ceiling of 63.00.
Since this collision, price strength has now hovered at a reading of 60.44, with ethereum trading at $1,693.41.
If bulls fail to move beyond this hurdle, ETH is unlikely to recapture $1,700 this weekend.
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Do you expect bulls to continue pushing prices up today? Leave your thoughts in the comments below.
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