In anticipation of the upcoming US nonfarm payrolls (NFP) report, Bitcoin experienced a decline below the $30,000 level. The report, scheduled for today, follows the previous report which saw a significant increase of 497,000 private sector jobs, surpassing expectations. This time, the projected NFP figure is 225,000. Meanwhile, Ethereum reached its lowest point in a week.
The expected payrolls for June are estimated at 225,000, lower than the 339,000 jobs added in the previous month.
Following a high of $1,917.61 on Thursday, ETH/USD dropped to an intraday low of $1,832.03 earlier today.
This represents the lowest point for ETH since June 30, when the price encountered support at $1,820.
The RSI found support at 47.00 and has currently climbed to 49.86.
The next notable resistance level appears to be at 53.00, and if reached, Ethereum could potentially approach $1,890.
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Frequently Asked Questions (FAQs) about crypto market
Q: What caused the drop in Bitcoin and Ethereum prices?
Q: What is the projected nonfarm payrolls figure?
A: The projected nonfarm payrolls figure for June is estimated to be 225,000, indicating a decrease compared to the previous month’s addition of 339,000 jobs.
Q: How did the technical indicators behave for Bitcoin?
A: The 14-day relative strength index (RSI) for Bitcoin dropped significantly, reaching a floor at the 55.00 mark. Additionally, the 10-day moving average shifted course and started trending downwards.
Q: What was the price movement for Ethereum?
A: Ethereum experienced a decline, hitting a one-week low and dropping below the $1,900 mark. However, it later rebounded from the intraday low, with buyers stepping in to buy the dip.
Q: What is the significance of the US nonfarm payrolls report?
Q: Are there any resistance levels or price targets to watch for?
A: For Ethereum, the next visible resistance level appears to be at 53.00, and if reached, it could potentially push the price towards $1,890. It is essential to monitor these levels for potential price movements.
More about crypto market
- Bitcoin Technical Analysis
- Ethereum Technical Analysis
- US Nonfarm Payrolls Report
- Relative Strength Index (RSI) Explained
- Understanding Moving Averages
- Federal Reserve Monetary Policy