ETH Hits $2000 For First Time Since May – Market Updates Bitcoin News

ETH Hits 00 For First Time Since May – Market Updates Bitcoin News
ETH Hits 00 For First Time Since May – Market Updates Bitcoin News

Ethereum traded above $2,000 to start the weekend, as the token hit its highest point since May. The crypto markets were back in the green, after marginal consolidation in Friday’s session. Bitcoin moved closer to $25,000 on Saturday, but has yet to breach this ceiling.

Bitcoin

Bitcoin (BTC) was marginally higher on Saturday, as the token once again attempted to climb above the $25,000 level.

After a low of $23,657.27 on Friday, BTC/USD hit an intraday high of $24,860.05 to start the weekend.

The move saw bitcoin briefly break out of the $24,600 resistance level, spending nearly two months above $24,900 in the process.

Bitcoin, Ethereum Technical Analysis: ETH Hits $2000 For First Time Since May
BTC/USD – Daily Chart

Looking at the chart, today’s rally comes as the 14-day relative strength index (RSI) finally broke out of its long-term resistance at the 60.32 level.

At the time of writing, the index is following at 61.60, which is slightly below another point of uncertainty, at 61.80.

Overall, earlier gains have pared somewhat, with BTC currently trading at $24,407.29, as bulls appeared to have abandoned earlier positions to lock in profits.

Ethereum

While BTC struggled to break out of a key $25,000 point, ethereum (ETH) rallied past its own ceiling in today’s session.

On Saturday, prices of the world’s second-largest token rose above $2,000 for the first time since May.

After a low of $1,868.42 on Friday, ETH/USD moved to a high of $2,013.76 earlier in today’s session.

Bitcoin, Ethereum Technical Analysis: ETH Hits $2000 For First Time Since May
ETH/USD – Daily Chart

This is the highest point ethereum has traded at since May 23, and comes as price strength has also risen past a ceiling of its own.

See also  weekend volatility 'expected' with $22K level to hold

Looking at the chart, the RSI also rallied past the 68 resistance level and is currently trailing at 71.55, which is the strongest reading since April 4.

At the time of writing, ethereum is now overbought, which could see bears gradually looking to position themselves to get back into the market.

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Will Ethereum climb to further highs this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, having worked as a Broker Director, Retail Educator and Market Commentator in Crypto, Stocks and FX.




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