Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 for First Time Since May
Ethereum was trading above $2,000 to start the weekend, as the token hit its highest point since May. Crypto markets were back in the green, after marginally consolidating in Friday’s session. Bitcoin moved closer to $25,000 on Saturday, however has still yet to breach this ceiling.
Bitcoin (BTC) was marginally higher on Saturday, as the token once again attempted to climb above the $25,000 level.
Following 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 its resistance level of $24,600, and near a two-month high above $24,900 in the process.
Looking at the chart, today’s gains come as the 14-day relative strength index (RSI) finally broke out of its long-term resistance point at the 60.32 level.
As of writing, the index is currently tracking at 61.60, which is slightly below another point of uncertainty, at 61.80.
Overall, earlier gains have somewhat eased, with BTC currently trading at $24,407.29, as bulls seemed to have abandoned previous positions in order to secure profits.
On Saturday, prices of the world’s second-largest token moved above $2,000 for the first time since May.
Following a low of $1,868.42 on Friday, ETH/USD moved to a peak of $2,013.76 earlier in today’s session.
This is the highest point ethereum has traded at since May 23, and comes as price strength also surged past a ceiling of its own.
Looking at the chart, the RSI also raced past its resistance level at 68, and is currently tracking at 71.55, which is its strongest reading since April 4.
As of writing, ethereum is now overbought, which could see bears gradually look to position themselves for entries back into the market.
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Will ethereum climb to further highs this weekend? Leave your thoughts in the comments below.
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Author: Eliman Dambell