Ethereum was once again trading above $1,700 to start the weekend, as cryptocurrencies rebounded from Friday’s decline. The global crypto market cap rallied in today’s session, as bulls moved to buy yesterday’s dip. Bitcoin was also back in the green, with prices nearing the $25,000 mark.
Bitcoin
Bitcoin (BTC) moved toward the $25,000 mark on Saturday, as crypto markets rebounded from yesterday’s declines.
Following a low of $23,712.05 on Friday, BTC/USD raced to an intraday high of $24,924.04 earlier in the day.
As a result of this move, bitcoin once again broke out of its long-term resistance level at the $24,200 point.
In addition to this, the 14-day relative strength index (RSI) also moved back above its own resistance level at 65.00, after tracking near the 61.00 mark on Friday.
As of writing this, price strength is currently at a reading of 65.29, with a ceiling at 70.00 a possible target for bulls.
The 10-day (red) moving average has also fully shifted course, and looks to be nearing an upward cross with its 25-day (blue) counterpart.
Should this occur, BTC could be above $26,000 before the end of the weekend.
Ethereum
Ethereum’s (ETH) rose back above the $1,700 level to start the weekend, with bulls returning to the fold.
ETH/USD moved to a peak of $1,716.78 earlier in the day, which comes less than 24 hours after trading at a low of $1,656.28.
The world’s second-largest cryptocurrency climbed back above a price ceiling of $1,675 following the move.
At the time of writing, earlier gains have somewhat eased, resulting from the RSI colliding with a ceiling at 63.00.
Since this collision, price strength is now hovering at a reading of 60.44, with ethereum trading at $1,693.41.
If bulls fail to move beyond this hurdle, it is unlikely that ETH will re-capture the $1,700 this weekend.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect bulls to continue to push prices higher today? Leave your thoughts in the comments below.
Image Credits: 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 a recommendation or endorsement of any 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 any content, goods or services mentioned in this article.
Credit: Source link
