ETH Rises, After Latest Jobs Report – Market Updates Bitcoin News
Ethereum was back above $1,600 on Friday as markets reacted to the latest non-farm payrolls (NFP) report. Figures released today showed that 315,000 jobs were added to the US economy, better than the 300,000 expected. Bitcoin was marginally higher as the token continued to trade above $20,000.
Bitcoin
Bitcoin (BTC) traded above $20,000 on Friday as markets reacted to the latest monthly jobs report.
Last month’s payrolls came in at 315,000, which is higher than the consensus estimate of 300,000.
Following the report, BTC/USD rose to an intraday high of $20,247.13, which comes less than a day after hitting a low of $19,653.97.
Looking at the chart, the rise is pushing bitcoin closer to its recent resistance level of $20,600 as market uncertainty has eased somewhat.
Prices have largely consolidated this week, ahead of today’s release, as traders anticipated the penultimate Q3 non-farm payrolls (NFP) report.
Many now expect the US labor market to slow in Q4, as an inflation-led recession is predicted.
Ethereum
In addition to BTC, ethereum (ETH) was also higher in today’s session, as the token climbed back above $1,600.
At the time of writing, the world’s second-largest cryptocurrency rallied to an intraday high of $1,648, climbing for a third straight day in the process.
Today’s rally sees ETH hit its strongest point in nine days, breaking out of a temporary ceiling of $1,630 in the process.
Earlier declines have now slowed, as profit-takers chose to exit their positions as opposed to keeping trades open.
This may also be because the relative strength index (RSI) has collided with a separate ceiling of 49.80.
Should Ethereum bulls attempt to take prices even higher, we will likely have to see this hurdle overcome.
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Do you expect ethereum to reach $1700 this coming weekend? Leave your thoughts in the comments below.
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