Wednesday, May 29, 2024

Bitcoin is starting the weekend close to the $30,000 mark as markets are still processing the recent U.S. nonfarm payrolls report. The payrolls result of 209,000, falling short of the anticipated 225,000, is causing some hesitation around a possible July interest rate increase. Meanwhile, Ethereum is persistently trading under $1,900 this Saturday.

Bitcoin

Bitcoin (BTC) kicked off the weekend with a stabilization around the $30,000 level, in response to the latest U.S. nonfarm payrolls report.

BTC/USD slipped to an intraday low of $30,094.87, after achieving a one-year high above $31,000 just a day earlier.

There has been a slight rebound since the day’s earlier downtrend, with the current trading price at $30,240.85.

BTC/USD – Daily Chart

In general, it seems that a failed attempt to break above the 58.00 mark on the relative strength index (RSI) triggered this downturn.

The strength of the price is now trending at the 57.63 level, with the 55.00 level as a potential target for traders.

If it hits this point, there is a strong chance that BTC will dip below $30,000.

Ethereum

Like Bitcoin, Ethereum (ETH) began the weekend with consolidation, as the digital asset fell under $1,900 once again.

After peaking at $1,957 on Thursday, ETH/USD hasn’t managed to climb above $1,900, with today’s plunge bringing the price down to $1,854.92.

Ever since achieving a two-month high on June 3, Ethereum has been struggling, with its price dwindling in successive sessions.

ETH/USD – Daily Chart

These consistent drops have driven the price strength down to a support level at 47.00. However, this support has so far held firm, aiding in curtailing further losses.

Currently, the index sits at a level of 49.59, with an upcoming resistance at 51.00 being the next hurdle for traders.

If they successfully overcome this, it’s probable that the price will once again climb above $1,900.

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Do you still envision Ethereum crossing the $2,000 mark this July? We’d love to hear your thoughts in the comments section below.

Frequently Asked Questions (FAQs) about Bitcoin Ethereum Price Analysis

What is the current status of Bitcoin and Ethereum?

Bitcoin is stabilizing around the $30,000 mark while Ethereum is struggling, trading below $1,900. These trends are seen in the context of the latest U.S. nonfarm payrolls report.

How has the recent U.S. nonfarm payrolls report affected Bitcoin?

The U.S. nonfarm payrolls report came in at 209,000, less than the expected 225,000. This has induced some uncertainty about a possible July rate hike, causing Bitcoin to consolidate around the $30,000 level.

Has Ethereum managed to break the $1,900 mark recently?

No, Ethereum has been trading below $1,900, with the price even dropping to a low of $1,854.92. It has not been able to climb above the $1,900 mark since hitting a peak of $1,957.

What could be the next price targets for Bitcoin and Ethereum?

For Bitcoin, if the price strength drops to a support point at 55.00 on the relative strength index (RSI), the price could potentially move below $30,000. Ethereum, on the other hand, could climb back above $1,900 if it passes the resistance level of 51.00 on the RSI.

Can Ethereum still hit $2,000 in July?

The text does not provide a definite answer, but suggests that if Ethereum’s price strength can break the resistance at 51.00 on the RSI, the price could potentially rise back above $1,900. This could be a positive sign for those hoping Ethereum could hit $2,000 in July.

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3 comments

CryptoFanatic July 9, 2023 - 6:03 am

wow bitcoin just refuses to drop below 30k. fingers crossed it stays that way. anyone else here hodling?

Reply
CryptoNewbie July 9, 2023 - 7:30 pm

someone help me understand this rsi thing better pls.

Reply
Ethereum4Life July 9, 2023 - 9:25 pm

Ah man, ethereum below $1900 again. when are we hitting 2k?? waiting since forever..

Reply

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