ETH Bulls Target $1,800 This Weekend – Market Updates Bitcoin News
Ethereum surged to a new three-week high to start Saturday’s session, but gains slowed as the day progressed. The token continues to trade above $1,700 as market sentiment remains bullish. Bitcoin experienced a similar day, with the token slowly losing steam, following a failed breakout of a key resistance level.
Bitcoin
Bitcoin (BTC) continued to trade above $21,000 on Saturday, but yesterday’s bullish momentum had faded marginally.
BTC/USD rose to a high of $21,613.86 earlier in today’s session, but prices then fell to an intraday low of $20,651.06.
The decline came as the token failed to sustain a breakout of the $21,600 resistance point as bears fought the move.
Looking at the chart, the drop comes as the 14-day relative strength index (RSI) appeared to collide with a separate resistance level at 55.40.
At the time of writing, bitcoin is now trading at $21,356.34 as momentum slowly returns, but until the RSI moves past the aforementioned ceiling, we may not see any further significant gains.
In addition to this, the 10-day (red) moving average is now on the verge of a cross with its 25-day (blue) counterpart. This could be another catalyst for further price gains.
Ethereum
Ethereum (ETH) was mostly higher to start the weekend, as the token rose past a separate resistance level.
On Saturday, the world’s second largest token rose to a peak of $1,739.43. This came as prices broke past a ceiling of $1,700.
There have been some declines since the previous high, with ETH/USD now trading at $1,721.15.
Like bitcoin, bulls appear to have opted to close out previous positions and lock in profits as uncertainty in the market increased.
From the chart, it appears that the 14-day RSI has played a role in this volatility, with the index now at 58.00, which is close to a ceiling of 60.00.
Bulls continue to target $1,800, but to capture this point, price strength must overcome the upcoming hurdle.
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Do you expect market sentiment to turn bearish this weekend? Leave your thoughts in the comments below.
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