ETH bounces back on Friday, climbing above $1,700 – Market Updates Bitcoin News
Ethereum rose above $1,700, while bitcoin snapped a seven-day losing streak on Friday, with prices rebounding in today’s session. The move came ahead of this afternoon’s payrolls report, which is expected to show that 250,000 jobs were added to the US economy in July.
Bitcoin
Ahead of the non-farm payrolls report, bitcoin (BTC) was back in the green on Friday as the token bounced back from recent declines.
After a low of $22,485.70 in Thursday’s session, BTC/USD rallied to a high of $23,354.13 earlier in the day.
The move came as bitcoin bulls helped prices bounce off a key support point at $22,600, following an earlier false breakout.
Despite today’s rise, BTC is down 2.30% over the past seven days, with prices declining in consecutive sessions.
This caused the 14-day RSI (relative strength index) to move below the support point of 53, falling to a low of 50.95, which was also a temporary floor.
At the time of writing, price strength has moved above this point, and is currently tracking 56.80, with a ceiling of 61 awaiting ahead.
Ethereum
Ethereum (ETH) also bounced back on Friday, as prices rose above $1,700, erasing declines from the previous two days of trading in the process.
At the time of writing, the world’s second largest cryptocurrency moved to a high of $1,708.98 in today’s session as bulls re-entered the market.
The move comes less than 24 hours after ETH traded to a low of $1,585.33, following recent downward pressure.
ETH seems to have weathered this pressure so far, with momentum now shifting, following today’s bullish engulfing pattern.
Should this trend continue, the next target for bulls is likely to be a resistance level near $1,800, which was last hit on July 28.
For this to happen, price strength must climb to a separate ceiling of 66. At the time of writing, the RSI follows at 63.85.
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