ETH rose to its highest level since the start of January to begin the weekend, as prices rose following yesterday’s consolidation. BTC also rallied, however remains below this week’s high of over $48,000.
Bitcoin
Although BTC started the weekend below this week’s high of $48,278, the bulls looked to regain that level, moving away from Friday’s lows.
Following the nonfarm payrolls report, BTC fell to a low of $44,846.26 on Friday, however to start the weekend, prices rose to a high of $47,028.28 on Saturday.
The move comes as the uncertainty surrounding yesterday’s announcement has subsided somewhat, further encouraging bulls to re-enter the market.
The rebound in BTC’s price follows yesterday’s false breakout of support at $45,000, which then led to an extension of recent bullish sentiment into today’s session.
Looking at the chart, the 14-day RSI also showed this, with a break of the resistance at 62.60 occurring earlier in the day.
Some believe that this could give bulls another reason to attempt to move beyond the $48,300 resistance, and potentially target $50,000.
Ethereum
As BTC looked to regain this week’s high, ETH started the weekend by hitting its high from four months ago.
The world’s second largest cryptocurrency is currently up by over 6% on the day, as it climbed to a high of $3,509.18.
This price rally saw ETH/USD hit its highest level since Jan. 6 and comes as markets finally broke through an awkward ceiling.
Looking at the chart, that resistance was the $3,440 point, which was one of the main obstacles stopping the price from climbing further.
As of this writing, price strength has also regained some momentum, with the 14-day RSI hitting its highest level since Wednesday.
Now tracking above 70, prices are once again overbought, however as the $3,440 resistance has been overcome, bulls may continue to push price further.
