Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000 on Easter Weekend

Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000 on Easter Weekend Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000 on Easter Weekend  0

Bitcoin was back above $28,000 on Saturday, as markets continued to react to the latest nonfarm payrolls (NFP) report. Figures released on Friday showed that 236,000 jobs were added to the U.S. economy last month. Ethereum was also back in the green to start the weekend.

Bitcoin

Bitcoin (BTC) surged back above the $28,000 level on Saturday, as markets continued to react to the latest NFP report.

Payrolls came in at 236,000, which was marginally lower than the 240,000 sum many were anticipating.

BTC/USD rose to an intraday high of $28,159.86 earlier in today’s session, less than 24 hours after trading at a low of $27,824.15.

Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000 on Easter Weekend  1BTC/USD – Daily Chart

Looking at the chart, it appears that the increase in price comes as the relative strength index (RSI) bounced from its floor at 58.00

As of writing, the index is tracking at 59.07, which has helped delay an inevitable downwards cross with the 10-day (red) moving average and its 25-day (blue) counterpart.

BTC is trading at $28,024.28 at the time of writing.

Ethereum

Ethereum (ETH) started today’s session in the green, as prices attempted to move back towards the $1,900 level.

Following a low of $1,845.99 on Friday, ETH/USD climbed to a peak of $1,879.11 to start the weekend.

The move saw the world’s second largest cryptocurrency snap a two-day losing streak, after staying above a floor at $1,830.

Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000 on Easter Weekend  2ETH/USD – Daily Chart

Despite the slight increase in price, ethereum’s price strength remains below a key support point at 61.00.

As of writing, the 14-day RSI is tracking at 60.42, and should a breakout occur, there will be a greater chance of price moving above $1,900.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Will ethereum continue to consolidate this weekend? Leave your thoughts in the comments below.

Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000 on Easter Weekend  3 Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Updated: 04/08/2023 — 10:00

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