December 1, 2022

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Bitcoin, Ethereum Technical Analysis: BTC Nears $21,000, ETH Above $1,640 on Saturday

Bitcoin was back in the green on Saturday, as bulls returned to cryptocurrency markets to start the weekend. The token moved closer to a peak of $21,000, rebounding from Friday’s sell-off in the process. Ethereum was also higher in today’s session, climbing by nearly 10%.

Bitcoin

Bitcoin (BTC) rebounded from Friday’s sell-off in today’s session, as the token moved closer to a breakout of $21,000.

Following yesterday’s low of $20,132.50, BTC/USD surged to an intraday high of $20,988.39 to start the weekend.

Today’s move sees the world’s largest cryptocurrency hover close to its highest level in nearly six weeks.

Bitcoin, Ethereum Technical Analysis: BTC Nears $21,000, ETH Above $1,640 on Saturday
BTC/USD – Daily Chart

As a result of today’s move, the 14-day relative strength index (RSI) is now nearing a ceiling of its own.

Price strength has already failed to break out of the aforementioned resistance of 66.00 earlier this week, however bulls seem set on retesting this point.

Should a breakout occur, we will not only see the token above $21,000, but potentially moving closer to $22,000.

Ethereum

Ethereum (ETH) was also higher to start the weekend, as prices rose by nearly 20% in today’s session.

ETH/USD raced to a peak of $1,644.28 earlier in the day, which comes after it fell to a bottom of $1,494.75 on Friday.

Following today’s rally, the token founded by Vitalik Buterin rose to its highest point since September 13.

Bitcoin, Ethereum Technical Analysis: BTC Nears $21,000, ETH Above $1,640 on Saturday
ETH/USD – Daily Chart

The move came as prices broke through a key resistance point of $1,590, following a failed attempt earlier in the week.

Although the price ceiling was broken, the RSI is now approaching a ceiling of its own, which could lead to increased uncertainty.

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As of writing, ETH/USD is trading at $1,614.21, relatively lower than its previous peak.

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Will we see any further surges in ETH this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




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