Bitcoin, Ethereum Technical Analysis: BTC Nears $29,000 to Start April, as ETH Also Rebounds
Bitcoin was back in the green on Saturday, as prices moved close to the $29,000 level to start the weekend. Following a volatile session on Friday, cryptocurrency markets were mostly higher entering April. Ethereum moved back above the $1,800 level. Bitcoin
Bitcoin (BTC) rose towards $29,000 on Saturday, as markets continued to react to yesterday’s personal consumption expenditure (PCE) figures in the United States.
PCE climbed to 0.3% in March, less than the 0.4% markets were expecting, showing that inflation was slowing.
BTC/USD rose to an intraday high of $28,802.46 earlier in today’s session, which comes a day after trading at a low of $27,854.63. BTC/USD – Daily Chart
Looking at the chart, the move saw BTC briefly breakout of a long-term resistance level of $28,500.
Earlier gains have since declined, which comes as the 14-day relative strength index (RSI) failed to move beyond a ceiling at 65.00.
As of writing this, the index is now tracking at 63.65, with a floor at 62.00 a possible target for sellers. Ethereum
Ethereum (ETH) was also higher to start the weekend, with prices once again climbing above teh $1,800 level.
Following a low of $1,789.76 on Friday, ETH/USD raced to a peak at $1,844.68 earlier in today’s session.
As a result of the move, the world’s second largest cryptocurrency jumped over a ceiling at the $1,825 zone. ETH/USD – Daily Chart
From the chart, this seemingly coincided with the RSI breaking free of a resistance of its own at 59.00.
At the time of writing, price strength is now at the 60.15 mark, with the next visible ceiling around the 62.00 region.
Should the RSI move closer to this point, ethereum bulls will send prices towards a long-term target of $1,900.
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Do you expect ethereum to hit $2,000 in April ? Leave your thoughts in the comments below. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Vaneck CEO Predicts Bull Cycle for Bitcoin and Gold — Expects Fed Tightening to End Soon MARKETS AND PRICES | 5 days ago Wharton Professor Expects Bitcoin to Fall When People Feel Safe in the Banks Again MARKETS AND PRICES | Mar 23, 2023
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