Bitcoin, Ethereum Technical Analysis: BTC Back Above $30,000 as Week Long Consolidation Continues
This week’s whirlwind price swings in crypto markets continued on Friday, with BTC moving higher, following yesterday’s declines. Bitcoin has risen back above $30,000 on Friday, with ETH also climbing above its $2,000 point.
Bitcoin was trading higher on Friday, as price uncertainty in crypto markets continued to grip traders, leading mainly to consolidation.
Following a decline to a low of $29,389.44 during Thursday’s session, BTC/USD rose by over 3% on Friday, hitting a high of 30,664.98 in the process.
The move comes as a floor in prices may have finally been found, as bulls lifted BTC from the $28,800 point, which many now consider to be the current support.
BTC/USD – Daily Chart
Friday’s surge took place as bullish pressure also led to a breakout of the 36 level on the 14-day RSI, which we marked as a key obstacle in the way of price gains.
As of writing, relative strength is now tracking at 37.93, which is close to another ceiling at 40, which has dampened bullish hopes in the past.
Earlier gains have also eased, since prices passed the $30,500 resistance point, which some bulls are using as an ideal exit point.
Ethereum was once again trading above $2,000, following a breakout below this point over the course of Thursday’s session.
ETH/USD has so far risen to a peak of $2,054.80 on Friday, which is roughly 4.5% higher than its peak the day before.
Similar to BTC, today’s move in ethereum comes after bulls used the current floor of $1,950 as a springboard to today’s heights.
ETH/USD – Daily Chart
However, since reaching these highs, price strength has slowed, with ETH now trading $20 lower than its earlier peak.
Although the RSI has also passed its own ceiling at 35, now tracking above the 36 level, prices are approaching a hard resistance at $2,060.
This point may have caused earlier bulls to vacate their positions, with those remaining likely to hold firm as we head into the week, unless bearish pressure resurfaces.
How high do you expect ETH to trade this weekend? Leave your thoughts in the comments below.
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