Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000 on Easter Weekend
Bitcoin was back above $28,000 on Saturday, as markets continued to react to the latest nonfarm payrolls (NFP) report. Figures released on Friday showed that 236,000 jobs were added to the U.S. economy last month. Ethereum was also back in the green to start the weekend.
Bitcoin (BTC) surged back above the $28,000 level on Saturday, as markets continued to react to the latest NFP report.
Payrolls came in at 236,000, which was marginally lower than the 240,000 sum many were anticipating.
BTC/USD rose to an intraday high of $28,159.86 earlier in today’s session, less than 24 hours after trading at a low of $27,824.15.
Looking at the chart, it appears that the increase in price comes as the relative strength index (RSI) bounced from its floor at 58.00
As of writing, the index is tracking at 59.07, which has helped delay an inevitable downwards cross with the 10-day (red) moving average and its 25-day (blue) counterpart.
BTC is trading at $28,024.28 at the time of writing.
Ethereum (ETH) started today’s session in the green, as prices attempted to move back towards the $1,900 level.
Following a low of $1,845.99 on Friday, ETH/USD climbed to a peak of $1,879.11 to start the weekend.
The move saw the world’s second largest cryptocurrency snap a two-day losing streak, after staying above a floor at $1,830.
Despite the slight increase in price, ethereum’s price strength remains below a key support point at 61.00.
As of writing, the 14-day RSI is tracking at 60.42, and should a breakout occur, there will be a greater chance of price moving above $1,900.
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Will ethereum continue to consolidate this weekend? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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