Bitcoin, Ethereum Technical Analysis: ETH Surges Above $1,200 to Start the Weekend

Bitcoin, Ethereum Technical Analysis: ETH Surges Above $1,200 to Start the Weekend

Ethereum was back above $1,200 on Saturday, as bullish sentiment returned to cryptocurrency markets to start the weekend. Following recent stints in the red, the global crypto market cap is trading 1.91% higher as of writing. Bitcoin was also back in the green. Bitcoin

Bitcoin (BTC) was marginally higher to start the weekend, as prices moved closer to a key resistance level.

Following a low of $16,456.65 on Friday, BTC/USD rose to an intraday high of $16,666.86 earlier in today’s session.

This move saw the world’s largest cryptocurrency move closer to a ceiling of $16,800, which it last hit on November 18. BTC/USD – Daily Chart

Looking at the chart, Saturday’s surge sent the token to a ceiling on the relative strength index (RSI) of 41.00.

As of writing, the index is tracking at 40.00, following an earlier failed breakout attempt, which has since sent BTC lower.

Currently bitcoin is trading at $16,614.71, as earlier bulls moved to liquidate their positions. Ethereum

Ethereum (ETH) was over 3% higher on Saturday, with the token climbing back above its $1,200 level.

ETH/USD raced to a peak of $1,222.81 to start the weekend, less than 24 hours after hitting a bottom of $1,184.87.

Today’s rally comes as the token extended its breakout of a key resistance level at the $1,180 mark. ETH/USD – Daily Chart

As can be seen from the chart, price strength also broke out of a ceiling, with the RSI moving past a hurdle at the 43.50 point.

In addition to this, the 10-day (red) moving average has now fully shifted momentum, with the trend line no longer downward facing.

Bulls are likely waiting for further shifts in momentum before adding on to the bullish pressure.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you expect ethereum to hit $1,300 this weekend? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: DOGE Hits 3-Week High on Saturday MARKET UPDATES | 7 hours ago Biggest Movers: XRP Climbs to 3-Week High, DOGE Nearly 10% Higher MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitget Launches Major Campaign With Messi to Reignite Confidence in the Crypto Market Next articleBiggest Movers: DOGE Hits 3-Week High on Saturday Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether