Bitcoin, Ethereum Technical Analysis: BTC Above $27,000, ETH Reaches 1-Month High

Bitcoin continued to trade above the $27,000 level on Friday, after a surge beyond this point towards the end of yesterday’s session. Ethereum rallied to a one-week high.

Bitcoin

Bitcoin remained above the $27,000 level on Friday, following a late rise in bullish sentiment towards the end of Thursday’s session.

Following a low of $26,424.95 on Thursday, BTC/USD raced to an intraday high of $27,259.50 earlier in the day.

As a result of the move, bitcoin rose to its highest level since September 20, when price peaked at $27,393.00.

However, earlier gains have since edged lower, largely due to a collision which took place on the relative strength index (RSI).

Looking at the chart, the index was unable to push past a resistance level of 58.00, and has since fallen to a reading of 56.57.

Traders could be awaiting the release of this afternoon’s consumer sentiment report in the United States, prior to deciding their next move.

Ethereum

Ethereum (ETH) continued to trend higher on Friday, breaking out of a key resistance level in the process.

ETH/USD peaked at $1,687.28 earlier in today’s session, which comes a day after trading at a low of $1,620.68.

This surge has resulted in ethereum climbing over a long held ceiling at $1,670, hitting a one-month high in the process.

The latest uptrend coincided with the relative strength index moving beyond a ceiling of its own at 57.00. It is now tracking at 58.61.

Bulls will likely remain unsatisfied until they take ethereum back above $1,700, which hasn’t happened since the end of August.

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Will ethereum extend this rally into the weekend? Leave your thoughts in the comments below.

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