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Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,300 to Start the Weekend

Posted on October 22, 2022January 27, 2023 By Caden

Ethereum was once again trading above $1,300, as cryptocurrency prices rose to start the weekend. Markets were back in the green on Saturday following a volatile week, which came as the U.S. dollar continued to strengthen. Bitcoin also surged higher, moving back above $19,000.

Bitcoin

Bitcoin (BTC ) rose back above $19,000 on Saturday, as cryptocurrency markets climbed higher to start the weekend.

Earlier in today’s session BTC /USD rallied to an intraday high of $19,237.39, which comes less than a day after hitting a low of $18,770.97.

Today’s peak sees the token move away from its recent support point of $18,900, following a false breakout in yesterday’s session.

Looking at the chart, the rebound in price has also pushed the 14-day relative strength index (RSI) higher, and it’s now moving towards a resistance point of its own.

As of writing, the index is tracking at the 46.35 point, which is marginally below a resistance level of 48.00.

Should we see this ceiling broken, then BTC bulls could be one step closer to recapturing the $20,000 mark.

Ethereum

Ethereum was also trading higher to start the weekend, as the token surged following a turbulent week of trading.

Following a move to a low of $1,260.67 on Friday, ETH /USD was back above $1,300 on Saturday, hitting a peak of $1,306.71 in the process.

Like with bitcoin above, today’s surge saw ethereum bounce from a key support of $1,270, and it is now on course to hit a resistance level.

The aforementioned ceiling is the $1,330 point, which hasn’t been hit since Tuesday, when bearish pressure moved the price below this point.

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Bullish sentiment seems to be returning, however, with the RSI now tracking at 45.90, which is marginally below a ceiling of 46.00.

If momentum remains upward-focused we will likely see this point broken this weekend, and the token once again above $1,330.

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Where do you expect to see ether land this weekend? Leave your thoughts in the comments below.

Analysis, Bitcoin, BTC, ETH, Ethereum, Market Updates Tags:Analysis, Bitcoin, BTC, ETH, Ethereum, Market Updates

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