Bitcoin, Ethereum Technical Analysis: ETH Remains Near $1,700 to Start the Weekend 

Ethereum continued to commercialized adjacent to a cardinal absorption level of $1,700 connected Saturday, pursuing Friday’s U.S. non-farm payrolls (NFP) report. Yesterday’s study showed that 517,000 jobs were added to the U.S. system successful January, amended than the 185,000 galore were expecting. Bitcoin mostly consolidated however, arsenic traders moved to instrumentality caller profits.

Bitcoin

Bitcoin (BTC) moved little to commencement the weekend, arsenic traders continued to unafraid gains pursuing a caller ascent to a six-month high.

Following a precocious of $23,678.10 connected Friday, BTC/USD fell to an intraday debased of $23,279.96 earlier successful Saturday’s session.

Today’s diminution sees bitcoin autumn for a 3rd consecutive day, and comes pursuing Thursday’s precocious of $24,262, which was BTC’s highest constituent since early-August past year.

BTC/USD – Daily Chart

As a effect of caller declines, bitcoin’s 14-day comparative spot scale (RSI) is present tracking astatine 68.41.

This is marginally supra a constituent of enactment astatine 68.00, which is simply a level that has not been breached since January 11.

Should this level neglect to clasp during today’s session, bearish sentiment volition apt proceed to rise, pushing prices beneath $23,000 successful the process.

Ethereum

On the different hand, ethereum (ETH) roseate marginally higher connected Saturday, remaining adjacent to a absorption level of $1,700 successful the process.

ETH/USD deed a precocious of $1,670.70 to commencement the weekend, arsenic the world’s 2nd largest cryptocurrency bounced distant from Friday’s debased astatine $1,634.49.

Following a surge to $1,714 connected Thursday, which was the strongest constituent for ETH since September, prices person moved into consolidation.

ETH/USD – Daily Chart

Looking astatine the chart, Saturday’s ascent has pushed the RSI person to a absorption of its ain astatine 68.00, with the scale presently tracking astatine 64.35.

ETH volition apt scope the $1,700 people should terms spot recapture this ceiling.

The 10-day (red) moving mean appears to beryllium upwards facing, which could beryllium a affirmative motion for bulls anticipating upcoming surges.

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Could we spot ethereum ascent supra $1,700 this weekend? Leave your thoughts successful the comments below.

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