Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,800, as Market Volatility Remains High
Ethereum was once again trading above the $1,800 level, after a brief breakout during Thursday’s session. Prices rose by as much as 2%, as optimism grew that the U.S. debt ceiling could be increased. Bitcoin also marginally climbed, moving away from yesterday’s two-week low.
Bitcoin (BTC) rose slightly higher on Friday, as prices moved away from a recent two-week low.
Following a low of $25,890.59 on Thursday, BTC/USD rose to a peak at $26,591.52 earlier in the day.
The move saw bitcoin (BTC) once again climb above a point of support at the $26,300 level, which has been in place for the past few weeks.
Despite this latest rebound, BTC remained almost 2% lower than at the same point last week.
For bulls, a positive sign comes in the form of the 14-day relative strength index (RSI), which failed to break out of a floor at 39.00
The last time breakout took place was back on March 10, which led to BTC falling below the $20,000 mark.
Ethereum (ETH) rose back above the $1,800 mark on Friday, after dropping to a multi-week low of its own yesterday.
ETH/USD hit a high of $1,817.16 earlier in today’s session, which comes a day after the price fell to a bottom at $1,788.29.
As a result of today’s slight rebound, the 10-day (red) moving average is now firmly on the verge of crossing its 25-day (blue) counterpart.
The chances of this occurring come as price strength once again bounced from support at 44.00, leading to a reentry of long-term bulls.
As of writing this, the index is now tracking at 46.39, with the next visible resistance level at 51.00.
Should momentum continue to climb, there is a good chance that ETH could hit $1,900 this coming weekend.
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