Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,700 as Markets Rebound on Saturday
Bitcoin (BTC) moves towards the $25000 mark on Saturday as the crypto markets consolidate from the losses they had suffered since yesterday.
After a low of $23,712.05 on Friday, we see that BTC/USD managed to reach a high of $24,924.04 earlier in the day, and as a result of this move, bitcoin once again regained its long position at a point of $24,200. The resistance level was broken out. Additionally, data from the 14-day Relative Strength Index also showed on Friday that this level, after tracking near the 61.00 mark, had moved above its own level of resistance at 65.00, and at the time of writing, this strength in prices is currently under control. At a reading of 65.29 we see a ceiling of 70.00 which acts as a target for the bulls. The 10-day (red) moving average has just moved up nicely, along with its 25-day (blue) counterpart.
To start the weekend, Ethereum ( ETH ) climbed above the $1,700 level as the bulls returned again.
ETH/USD moved to a peak of $1,716.78 earlier in the day which we see less than 24 hours after trading at a low of $1,656.28 and the same move followed the world’s second largest cryptocurrency to its current high of $1675. has crossed above the threshold and at the time of writing, some earlier gains have been pared after the RSI hit a high of 63.00 and after this bump, price power is now hovering at a reading of 60.44, with Ethereum trading at $1,693.41. If the bulls fail to move above this barrier, there is little chance that ETH will recapture $1,700 this weekend.
