ETH Remains Near $1,700 To Start Weekend – Market Updates Bitcoin News
Ethereum continued to trade near a key resistance level of $1,700 on Saturday, following Friday’s US non-farm payrolls (NFP) report. Yesterday’s report showed that 517,000 jobs were added to the US economy in January, better than the 185,000 many expected. Bitcoin mostly consolidated, however, as traders moved to take recent gains.
Bitcoin
Bitcoin (BTC) moved lower to start the weekend, as traders continued to lock in gains after a recent surge to a six-month high.
After a high of $23,678.10 on Friday, BTC/USD fell to an intraday low of $23,279.96 earlier in Saturday’s session.
Today’s decline sees bitcoin fall for a third day in a row, coming after Thursday’s high of $24,262, which was BTC’s highest point since early August last year.
As a result of recent declines, bitcoin’s 14-day relative strength index (RSI) is now being tracked at 68.41.
This is marginally above a support point at 68.00, which is a level that has not been breached since January 11.
Should this floor not hold during today’s session, bearish sentiment is likely to continue to rise, pushing prices below $23,000 in the process.
Ethereum
On the other hand, ethereum (ETH) rose marginally higher on Saturday, holding close to a $1,700 resistance level in the process.
ETH/USD hit a high of $1,670.70 to start the weekend, as the world’s second largest cryptocurrency bounced off Friday’s low of $1,634.49.
After a rise to $1,714 on Thursday, which was ETH’s strongest point since September, prices have moved into consolidation.
Looking at the chart, Saturday’s rise has pushed the RSI closer to its own resistance at 68.00, with the index at 64.35.
ETH is likely to reach the $1700 mark if price strength regains this ceiling.
The 10-day (red) moving average appears to be turning higher, which could be a positive sign for bulls anticipating upcoming waves.
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Could we see ethereum climb above $1700 this weekend? Leave your thoughts in the comments below.
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