Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Nears $3,000 to Start the Weekend 

Bitcoin, Ethereum Technical Analysis: ETH Nears $3,000 to Start the Weekend 

Ethereum rallied on Saturday, as the world’s second-largest cryptocurrency moved closer to the $3,000 level. The global crypto market cap was over 4% higher as of writing, with bitcoin climbing by nearly 3.5%.

Bitcoin

Bitcoin (BTC) climbed above $42,000 for the first time in ten days to start the weekend, as cryptocurrencies rallied, following a week of volatility.

Crypto prices were traded with high levels of uncertainty following the Fed rate hike, however, as markets seem to have finally moved past this news, bitcoin bulls once again reappeared.

As of writing this, BTC/USD rose to a high of $42,195.74 to commence the weekend, following an intraday low of $40,402.06 less than 24-hours ago.

Today’s surge has seen the 10-day (red) and 25-day (blue), moving averages cross, however, the direction of the crossover remains in doubt, due to recent price uncertainty.

Looking at the chart, bitcoin now hovers below its long-term resistance level of $42,080, which is a point that has not been successfully broken since February 28.

In addition to this ceiling, the 14-day RSI also tracks at a resistance level of 55.4, if both hurdles are passed, many could be targeting a $45,000 point for BTC.

Ethereum

Ethereum (ETH) rose to its highest level in over two weeks on Saturday, as prices climbed for a sixth consecutive session.

Last week saw ethereum trade predominantly near its support of $2,550, however, since the turn of the week, markets had consistently moved away from this point.

On Saturday, ETH/USD came within a stone’s throw away from the 3K mark, as prices hit a peak of $2,973.62.

With the RSI indicator continuing to move past obstacles, and now tracking at a six-week high, the expectation is that we will see ETH at $3,000 before the end of today’s action.

This could however be a bull trap set by bears, as history has also shown several market reversals that occur at this point.

Will ethereum continue to climb once it moves past $3,000? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/fjnqiYE
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more