Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Ends 4-Day Losing Streak, BTC Briefly Above $28,000

Bitcoin, Ethereum Technical Analysis: ETH Ends a 4-Day Losing Streak, BTC Briefly Above $28,000

Ethereum snapped a four-day losing streak on Friday, as markets reacted to the latest nonfarm payrolls in the United States. Payrolls came in at 336,000, which is nearly double the 170,000 jobs many thought would be added in September. Bitcoin retreated from a brief stint above the $28,000 level.

Bitcoin

Bitcoin (BTC) had a brief stint above the $28,000 level late on Thursday, as market volatility increased ahead of today’s nonfarm payrolls report.

BTC/USD peaked at $28,091.86 towards the tail end of yesterday’s session, before slipping to a bottom of $27,375.60 earlier today.

Prices have since rebounded, with the world’s largest cryptocurrency now trading at $27,649.56 as of writing.

Bitcoin chart by TradingView

BTC retreated from yesterday’s high after the relative strength index (RSI) failed to sustain a surge above a key resistance level of 60.00.

The index is currently at a reading of 58.95, however there could be another attempt to move beyond 60.00 in the coming hours.

In the event that the next advance is successful, there is a strong possibility bitcoin will be back trading above $28,000.

Ethereum

Ethereum (ETH) returned to the green in today’s session, following a spell of four consecutive days trading lower.

After hitting a one-week low of $1,608 on Thursday, ETH/USD rose to a peak of $1,649.13 earlier in the day.

This came as bulls opted to reenter the market following a breakout below a support point at the $1,620 level.

Ethereum chart by TradingView

Earlier gains have somewhat faded, as ETH approached a ceiling near the 50.00 level on the RSI indicator.

Currently, price strength is tracking at 48.93, with ethereum trading at $1,634, and bulls maintaining a target of $1,700 in the short-term.

Register your email here to get weekly price analysis updates sent to your inbox:

Will ethereum move beyond $1,700 over the weekend? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/D3ti9aX
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more