Ethereum managed to break free from its four-day losing streak on Friday, with market dynamics responding to the latest nonfarm payroll data release in the United States. Surprisingly, the payroll report revealed an addition of 336,000 jobs, nearly double the initially anticipated 170,000 jobs for the month of September. Meanwhile, Bitcoin briefly surged above the $28,000 mark but later experienced a retreat.
Bitcoin (BTC) briefly reached above the $28,000 threshold late on Thursday, as market volatility intensified in anticipation of the nonfarm payroll report’s release.
BTC/USD reached its peak at $28,091.86 toward the end of the previous session, only to dip to a low of $27,375.60 earlier today.
As of the latest data, the world’s largest cryptocurrency is trading at $27,649.56.
The retreat from the previous day’s high occurred when the relative strength index (RSI) failed to maintain a surge above the critical resistance level of 60.00.
Presently, the RSI stands at 58.95, with the possibility of another attempt to breach the 60.00 threshold in the upcoming hours.
Should the next advance prove successful, there is a strong likelihood that Bitcoin will once again trade above $28,000.
Ethereum (ETH) managed to reverse its downward trend in today’s session after four consecutive days of trading in the red.
Following a drop to a one-week low of $1,608 on Thursday, ETH/USD rebounded, reaching a high of $1,649.13 earlier in the day.
This shift occurred as bullish sentiment returned to the market following a breakout below the support level at $1,620.
However, earlier gains have somewhat receded as ETH nears a resistance point around the 50.00 level on the RSI indicator.
Currently, price strength is recorded at 48.93, with Ethereum trading at $1,634. Bulls maintain a short-term target of $1,700.
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Do you anticipate Ethereum surpassing the $1,700 mark over the weekend? Share your thoughts in the comments below.
Frequently Asked Questions (FAQs) about Cryptocurrency Analysis
What is the significance of Ethereum’s four-day losing streak ending?
Ethereum’s four-day losing streak ending is significant because it indicates a potential shift in market sentiment. It suggests that buyers are stepping in after a period of decline, possibly leading to an upward price movement.
Why did Bitcoin briefly surpass $28,000?
Bitcoin briefly surpassed $28,000 due to increased market volatility ahead of the release of the nonfarm payroll report. Traders reacted to this report, resulting in a temporary surge in Bitcoin’s price.
What is the relative strength index (RSI), and why is it important?
The relative strength index (RSI) is a technical indicator used to measure the strength and momentum of a cryptocurrency’s price movements. It is important because it helps traders assess whether an asset is overbought or oversold, which can inform their trading decisions.
What are the short-term targets for Bitcoin and Ethereum?
For Bitcoin, the short-term target is to sustain trading above $28,000 if the RSI breaches the key resistance level of 60.00. For Ethereum, the short-term target is $1,700, with bulls aiming to maintain upward momentum.
How can I receive weekly price analysis updates?
To receive weekly price analysis updates, you can register your email for the “Weekly Technical Analysis Report,” which provides a summary of the top cryptocurrency news of the week.
More about Cryptocurrency Analysis
- Ethereum Technical Analysis
- Bitcoin Technical Analysis
- Relative Strength Index (RSI)
- Cryptocurrency Market News
- Nonfarm Payrolls Report