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.
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.
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
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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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?
More about Bitcoin Ethereum Price Analysis
- Understanding Bitcoin
- Getting to Know Ethereum
- Understanding Nonfarm Payrolls
- Understanding Relative Strength Index – RSI