ETH up Nearly 10%, Crypto Markets Rally – Market Updates Bitcoin News

0


Following two consecutive sessions of declines, cryptocurrencies rebounded on Friday, as markets prepared for the first non-farm payrolls of the year. ETH was up 8% as of writing, with the crypto market cap 4.4% higher.

Bitcoin

On the first Friday of each month, non-farm payrolls in the United States are released, and this typically sees an increase in market volatility, across all asset classes.

The world’s largest cryptocurrency, bitcoin, which fell to an intraday low of $36,388.14 during yesterday’s session, was up nearly 5% today, potentially benefiting from this volatility.

This came as BTC/USD hit an intraday high of $38,139.66 on Friday, as both traders and investors seem to have bought Thursday’s dip.

As a result, the 14-day RSI held its support of 35, which initially appeared to be broken, and this indicator has now surged beyond resistance of 40, and tracks at 41.4.

Bitcoin, Ethereum Technical Analysis: ETH up Nearly 10%, Crypto Markets Rally
BTC/USD – Daily Chart

As described earlier this week, bitcoin looks as though it is consolidating after selloffs in December and January, with many still anticipating either a break from support or resistance, to trigger the next sizable price swing.

Momentum for this swing is somewhat bullish, based on recent rallies.

Ethereum

ETH was once again higher on Friday, with prices of the world’s second largest cryptocurrency moving closer towards the $3,000 level.

ETH/USD is currently up around 8% in today’s session, after hitting an intraday high of $2,855.75 earlier.

The move saw ethereum briefly rally beyond resistance of $2,844.00, before giving back some of these gains, likely as a result of profit takers closing their positions.

Bitcoin, Ethereum Technical Analysis: ETH up Nearly 10%, Crypto Markets Rally
ETH/USD – Daily Chart

Heading into the weekend, the 14-day RSI is trading above resistance of 44, and if there are more bulls added to this run, we could see multi-week highs for ETH.

Will the crypto red wave reappear this weekend? Leave your thoughts in the comments below.

eliman@bitcoin.com'

Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

nansen

Nansen Report Highlights Growth of Defi and NFTs in 2021

Nansen, a cryptocurrency and blockchain statistics and analytics platform, has issued a report on the growth of decentralized finance (defi) in 2021. The document highlights how defi managed to keep growing, opening the field to new participant chains. Non-fungible tokens … read more.



Source link

You might also like
Leave A Reply

Your email address will not be published.

0