ETH on the Cusp of $1,200 Following Breakout of Key Resistance Level – Market Updates Bitcoin News


Bitcoin edged marginally higher on the last Friday of the month, breaking out of its recent resistance of $21,100 in the process. ETH was also in the green during today’s session, climbing by nearly 5% to move past a price ceiling of its own.

Bitcoin

Following a turbulent week of trading, BTC was once again higher on Friday, as prices moved above $21,000 heading into the weekend.

Less than a day after trading at a low of $20,233.56, BTC/USD rallied to an intraday peak of $21,266.39

Friday’s flurry of trading saw prices move past a key resistance point of $21,100, and this comes as bulls continue to buy the recent bitcoin dip.

Bitcoin, Ethereum Technical Analysis: ETH on the Cusp of  alt=
BTC/USD – Daily Chart

After overcoming today’s hurdle, it is likely that traders will target this week’s high of $21,700 over the course of the weekend.

Looking at the chart, should this level be achieved, we will likely see many bulls choose to secure gains and exit positions, due to an upcoming ceiling on the 14-day RSI.

This hurdle is the 36.70 point on the Relative Strength Index, which is currently tracking at 35, and is firmly in oversold territory.

Ethereum

Ethereum was fast approaching $1,200 on Friday, as bullish momentum took prices above a key level of resistance.

After almost falling below $1,000 during Thursday’s session, ETH/USD surged to an intraday high of $1,191.27 as of writing.

This peak saw the world’s second largest crypto token trade nearly 8% higher than yesterday’s floor, breaking the $1,190 ceiling in the process.

Bitcoin, Ethereum Technical Analysis: ETH on the Cusp of  alt=
ETH/USD – Daily Chart

As discussed yesterday, this level was one of the only hurdles in place preventing prices from re-entering the $1,200 region.

Today’s mounting pressure from ETH bulls comes after the 35.60 ceiling of the 14-day RSI was broken on Thursday.

With a breakout likely later in today’s session, the only question is where bulls will choose to exercise an exit.

How high do you expect ETH to climb this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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.





Source link

Related Posts

Perth Heat To Enhance Fan Experience With Lightning

Perth Heat To Enhance Fan Experience With Lightning

Australian Baseball League’s most successful club, the Perth Heat, will integrate Bitcoin’s Lightning Network to its operations in a bid to improve the fans’ experience interacting with…

Avatar

Avatar-Doctor Confidentiality: The 1st Metaverse Hospital Is Set To Rise In The UAE

Your avatar can now do the slack for you if you feel too weak to stand up and see a doctor. A medical facility in the metaverse…

crypto.com

Crypto.com CEO Refutes Rumors Of Withdrawal Restrictions

As the ongoing crypto bloodbath has brought many crypto-oriented businesses on the verge of collapse, general sentiments are pointing toward Crypto.com as the next victim. While many…

BTC

Bitcoin Will Rebound In 2nd Half Of 2022, Says Bloomberg Analyst

Mike McGlone, a senior commodity analyst at Bloomberg, predicts a rise in the price of Bitcoin in the second half of 2022. This suggests that the price…

How To Send Large Bitcoin Payments On Lightning

How To Send Large Bitcoin Payments On Lightning

The Lightning Network is seen as the main solution in the Bitcoin ecosystem for making small BTC transactions feasible, as it enables the smallest of payments to…

Oil Club – A Next-Generation Miner

Oil Club – A Next-Generation Miner

What is the Oil Club smart contract? Oil club is a smart contract miner that follows the rules of the oil and gas industries. Club members earn…

Leave a Reply

Your email address will not be published.