Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Friday, Following Volatile Week of Trading

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Friday, Following Volatile Week of Trading

Bitcoin was back in the green on Friday, with prices once again moving above the $17,000 level. Cryptocurrencies were mostly higher in today’s session, as prices rebounded from recent losses. Ethereum also surged earlier in the day, climbing closer to the $1,300 level. Bitcoin

Bitcoin (BTC) climbed higher in today’s session, with the coin surging back above the $17,000 level.

Following a low of $16,788.78 on Thursday, BTC/USD raced to an intraday high of $17,274.60 earlier in the day.

The move saw bitcoin rally beyond its resistance level at $17,200, hitting a five-day high in the process. BTC/USD – Daily Chart

Looking at the chart, BTC has since retreated from earlier highs, as bullish momentum faded soon after the breakout.

As of writing, the relative strength index (RSI) is now tracking at 50.93, which is marginally below a ceiling at 52.00.

Should the index continue to move higher, then the next target for bulls will likely be the $17,600 point. Ethereum

In addition to bitcoin, ethereum (ETH) also edged higher in today’s session, with prices rebounding from recent losses.

ETH/USD moved to a peak of $1,286.23 on Friday, less than 24 hours after trading at a low of $1,227.50 during Thursday’s session.

As a result of today’s move, the coin neared a key resistance level of $1,305, rising to its highest point since Monday in the process. ETH/USD – Daily Chart

Currently, it appears as though ethereum bulls are targeting a move beyond the $1,300 mark, however a ceiling on the RSI seems to be in the way.

As of writing, the index is tracking at 52.00, which has also been a key point of resistance in the past.

Bulls would need to overcome this hurdle first, in order to send prices towards the targeted $1,300 level.

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

What has been behind today’s rebound in cryptocurrency prices? 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: MATIC, QNT Move Higher on Friday, as Cryptos Rebound MARKET UPDATES | 6 hours ago Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows  MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBrussels Wants All Crypto Service Providers to Report Transactions of Europeans Next articleOver the Last Year, Bitcoin’s Market Cap Slid From the World’s 8th Most Valuable Asset to the 26th Position 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 ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method