Bitcoin, Ethereum Technical Analysis: BTC Moves to 5-Month High, as ETH Nears $1,700

Bitcoin surged to a five-month precocious to commencement the weekend, arsenic bullish sentiment returned to cryptocurrency markets. Prices of the world’s largest integer currency roseate supra $23,000, rebounding from a caller driblet towards $20,000. Ethereum besides rallied, arsenic it deed its strongest constituent since September.

Bitcoin

Bitcoin (BTC) raced past the $23,000 level to commencement the weekend, with prices climbing to a multi-month high.

Following a debased of $20,961.21 connected Friday, BTC/USD climbed to an intraday highest of $23,249.89 earlier today.

Today’s rally saw bitcoin leap to its highest level since August 24, erstwhile terms astatine the clip was trading astatine a apical of $23,600.

BTC/USD – Daily Chart

As tin beryllium seen from the chart, the determination comes arsenic the 14-day comparative spot scale (RSI) moved backmost towards a ceiling of 90.00.

Currently, the scale is astatine the 86.30 level, with earlier gains somewhat fading, arsenic traders determination to unafraid profits.

As of writing, BTC is trading astatine $22,902.03, which is inactive astir 9.27% higher than yesterday’s low.

Ethereum

Like bitcoin, ethereum (ETH) besides surged connected Saturday, arsenic it climbed to its highest people successful the past 4 months.

ETH/USD deed a precocious of $1,674.18 earlier successful the day, which comes pursuing a bottommost of $1,550.03 connected Friday.

As a effect of the move, ethereum recaptured a precocious not seen since September 13, which is the past clip it traded implicit $1,700.

ETH/USD – Daily Chart

Although prices are presently beneath this threshold, the resurgence of bullish momentum connected Saturday could pb to further surges this weekend.

The surge has pushed the 10-day (red) moving mean backmost into an uptrend, extending its region from its 25-day (blue) counterpart.

Overall, ethereum is up 6.28% arsenic of writing.

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Do you expect ethereum to emergence supra $1,700 this weekend? Leave your thoughts successful the comments below.

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