ETH, BTC Higher After US Nonfarm Payrolls Report – Market Updates Bitcoin News
Ethereum moved closer to the $1,300 level on December 2, as prices held close to a multi-week high. This comes as the latest US nonfarm payrolls report showed that 263,000 jobs were added to the US economy. Markets had expected this to come in at 200,000. Bitcoin was trading above $17,000 before the release of the data.
Bitcoin
Bitcoin (BTC) once again traded above the $17,000 level, following today’s US nonfarm payrolls (NFP) report.
Today’s data was expected to show an addition of 200,000 jobs to the US economy, which would have been less than October’s figure of 260,000. However, the numbers came in better than expected, at a level of 263,000.
BTC/USD rose to a high of $17,197.50 ahead of the news, which comes less than a day after prices bottomed out at $16,888.39.
As can be seen from the chart, the rally came as prices moved past a key resistance level of $16,800, with the Relative Strength Index (RSI) also hovering near a ceiling.
The index is currently trailing at 48.68, which is marginally below a resistance point at 50.00, which appears to be the main obstacle to prices extending earlier gains.
Bulls will remain bullish despite this, with the 10-day (red) moving average approaching an upward crossover with its 25-day (blue) counterpart.
Ethereum
Like BTC, ethereum (ETH) also moved higher on Friday as the coin continued to hover near the $1,300 mark.
After a low of $1,267.71 on Thursday, ETH/USD rallied to an intraday high of $1,293.11 earlier in today’s session.
Friday’s move sees the world’s second largest cryptocurrency rise near its recent resistance of $1,300, but the asset has so far been unable to move beyond this point.
This comes despite the fact that the 10-day (red) moving average appears to have crossed marginally above its 25-day (blue) counterpart.
Should this move continue in an upward direction, not only will ETH move past the $1300 point, but it will likely move towards a higher ceiling of $1390.
Register your email here to get weekly price analysis updates delivered to your inbox:
Do you expect the Federal Reserve to reverse its policy after today’s report? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
