ETH Bulls Targeting $1,800 This Weekend – Market Update Bitcoin News

ETH Bulls Targeting ,800 This Weekend – Market Update Bitcoin News


Ethereum rallied to a new three-week high to start Saturday’s session, but the gains slipped as the day progressed. The coin continues to trade above $1,700 as market sentiment remains bullish. Bitcoin had a similar day, as the coin slowly lost ground, after failing to break through a major resistance level.

Bitcoin

Bitcoin (BTCIt continued to trade above $21,000 on Saturday, but yesterday’s bullish momentum faded marginally.

BTCThe US dollar rose to a high of $21,613.86 earlier in today’s session, but then prices fell to an intraday low of $20,651.06.

The decline came as the coin was unable to sustain the breakout of the $21,600 resistance point, as the bears fought against the move.

Bitcoin, Ethereum Technical Analysis: ETH Bulls Target $1,800 this Weekend
BTC/ USD – daily chart

Looking at the chart, the decline comes as the 14-day Relative Strength Index (RSI) appears to be hitting its own resistance level at 55.40.

As of this writing, Bitcoin is now trading at $2,1356.34 with momentum slowly returning, but until the RSI moves above the aforementioned ceiling, we may not see any further significant gains.

Additionally, the 10-day moving average (red) is now on the cusp of a crossover with its 25-day moving average (blue). This could be another catalyst for further price gains.

Ethereum

Ethereum (ETH) was mostly higher to start the weekend, as the coin broke its own resistance level.

Saturday saw the world’s second largest token rise to a peak of $1,739.43. It came when prices crossed the $1,700 ceiling.

There have been some dips since the previous high, with ETH/ The US dollar is now trading at $1,721.15.

Bitcoin, Ethereum Technical Analysis: ETH Bulls Target $1,800 this Weekend
ETH/ USD – daily chart

Similar to Bitcoin, the bulls seem to have chosen to close their previous positions and lock in profits, with the market increasing uncertainty.

From the chart, the 14-day RSI appears to have played a role in this volatility, as the index now tracks at 58.00, which is close to the 60.00 ceiling.

Bulls continue to target $1800, but in order to capture this point, price strength will need to overcome an upcoming hurdle.

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Do you expect market sentiment to turn bearish this weekend? Put your thoughts in the comments below.

Eleman Dambel

Eliman offers an eclectic view of market analysis, having served as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




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