Bitcoin, Ethereum Technical Analysis: ETH Bulls Targeting $1,800 This Weekend
Ethereum rallied to a fresh three-week high to start Saturday’s session, however gains eased as the day progressed. The token continues to trade above $1,700, as market sentiment remains bullish. Bitcoin experienced a similar day, with the token slowly losing steam, after a failed breakout of a key resistance level. Bitcoin
Bitcoin (BTC) continued to trade above $21,000 on Saturday, however yesterday’s bullish momentum had marginally faded.
BTC/USD rose to a high of $21,613.86 earlier in today’s session, however prices then fell to an intraday low of $20,651.06.
The decline came as the token was unable to sustain a breakout of its resistance point of $21,600, as bears fought against the move. BTC/USD – Daily Chart
Looking at the chart, the drop comes as the 14-day relative strength index (RSI) appeared to collide with a resistance level of its own at 55.40.
As of writing, bitcoin is now trading at $21,356.34 as momentum slowly returns, however until the RSI moves past the aforementioned ceiling, we might not see any further substantial gains.
In addition to this, the 10-day (red) moving average is now on the cusp of a cross with its 25-day (blue) counterpart. This could be another catalyst for further gains in price. Ethereum
Ethereum (ETH) was mostly higher to start the weekend, as the token surged past a resistance level of its own.
Saturday saw the world’s second largest token climb to a peak of $1,739.43. This came as prices moved past a $1,700 ceiling.
There have been some declines since the earlier high, with ETH/USD now trading at $1,721.15. ETH/USD – Daily Chart
Similar to bitcoin, it appears that bulls have opted to close previous positions and secure profits, as market uncertainty increased.
From the chart, it seems as though the 14-day RSI has played a part in this volatility, with the index now tracking at 58.00, which is near a ceiling of 60.00.
Bulls continue to target $1,800, however in order to capture this point, price strength will need to overcome its upcoming obstacle.
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Do you expect market sentiment to turn bearish this weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: ADA, SAND Surge to Multi-Week Highs on Saturday MARKET UPDATES | 9 hours ago Bitcoin Price Outlook for September MARKET UPDATES | 1 day ago
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