Bitcoin, Ethereum Technical Analysis: BTC Moves Above $28,500 as ETH Nears $2,000

Bitcoin, Ethereum Technical Analysis: BTC Moves Above $28,500 as ETH Nears $2,000

Bitcoin broke out of a resistance level of $28,500 on April 5, as crypto markets continued to react to economic data from the United States. Job openings in the U.S. fell below 10 million for the first time since 2021, which comes as employers began to reduce hiring efforts. Ethereum moved closer to $2,000, hitting a fresh eight-month high today. Bitcoin

Bitcoin (BTC) broke out of a key resistance level on Wednesday, with traders now targeting a move beyond the $29,000 mark.

Following a low of $27,979.75 on Tuesday, BTC/USD moved to an intraday high of $28,739.24 earlier in today’s session.

The move saw bitcoin climb above a recent ceiling of $28,500, hitting a four-day high in the process. Bitcoin chart by TradingView

Overall, it appears that the move occurred once the relative strength index (RSI) bounced from a recent floor at 58.

As of writing, the index is tracking at 62.48, with the next visible ceiling of 65.00 a possible target for bulls.

There is a strong possibility that BTC will be above $29,000 if and when this resistance point is hit. Ethereum

In addition to BTC, ethereum (ETH) was also in the green, with prices climbing to a fresh eight-month high.

ETH/USD moved to a high of $1,921.27 earlier in the day, which comes a day after trading at a low of $1,855.37.

As a result of this rally, ethereum went back to its strongest point since August 17, when price hit a peak of $1,957. Ethereum chart by TradingView

This latest surge has pushed price strength to a current reading of 65.87, which is marginally below a ceiling at 66.00.

Due to this, some earlier bulls have moved to take profits, which has led to ETH falling from the day’s high.

At the time of writing, ethereum is trading at $1,915.88.

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

What is behind today’s surge in ethereum? Leave your thoughts in the comments below. Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: XRP Rebounds on Tuesday, as AVAX Hits 1-Week High MARKET UPDATES | 8 hours ago Biggest Movers: DOGE up 30%, Following Twitter Logo Change MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMetacade Announces Partnership With Metastudio Ahead of Highly Anticipated Uniswap Listing Next articleOKX and Google Cloud Host Successful Hackathon for Decentralized Applications on OKT Chain 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 ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin