Ethereum Nears $1,400 As Price Hits 10-Day High – Market Updates Bitcoin News
Ethereum moved closer to $1,400 on Thursday, as the token recovered from yesterday’s selloff. The world’s second-largest cryptocurrency rose to its highest point in nearly ten days during today’s session, as markets were marginally higher. Bitcoin once again traded above $20,000.
Bitcoin
Bitcoin (BTC) soared above $20,000 again on Thursday, as markets were boosted by better-than-expected private payrolls numbers.
Ahead of tomorrow’s non-farm payrolls report, ADP private sector payrolls came in at 208,000, higher than the 200,000 markets had expected.
Following the report, BTC/USD surged to a high of $20,408.39, holding close to a three-week high of $20,545 in the process.
Looking at the chart, today’s rise has pushed the momentum to the 10-day (red) moving averages higher, with the trendline now nearing an upward cross with its 25-day (blue) counterpart.
At the time of writing, BTC is now trading marginally below its long-term support level of $20,300, which has largely been in place since September 13.
To move beyond this point, the 14-day relative strength index must move past the currency ceiling of 55.60.
Ethereum
Ethereum (ETH) moved to a ten-day high in today’s session as bulls continued to push prices towards the $1,400 mark.
After a low of $1,320.86 on Wednesday, ETH/USD rallied to a high of $1,380.40 earlier in today’s session.
This is the strongest point at which the token has traded since September 27, which is also when ethereum was last above $1,400.
As of this writing, ETH bulls have given up some previous gains, with the token currently trading at $1,368.
The decline comes as the RSI collided with resistance at 47.00, which has also been in place since mid-September.
When this hurdle is finally overcome, the world’s second largest crypto token will likely be back above $1,400.
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Could we see Ethereum move past this point this week? Leave your thoughts in the comments below.
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