Bitcoin, Ethereum Technical Analysis: BTC Back Above $30,000 as Week Long Consolidation Continues

Bitcoin, Ethereum Technical Analysis: BTC Back Above $30,000 as Week Long Consolidation Continues

This week’s whirlwind price swings in crypto markets continued on Friday, with BTC moving higher, following yesterday’s declines. Bitcoin has risen back above $30,000 on Friday, with ETH also climbing above its $2,000 point. Bitcoin

Bitcoin was trading higher on Friday, as price uncertainty in crypto markets continued to grip traders, leading mainly to consolidation.

Following a decline to a low of $29,389.44 during Thursday’s session, BTC/USD rose by over 3% on Friday, hitting a high of 30,664.98 in the process.

The move comes as a floor in prices may have finally been found, as bulls lifted BTC from the $28,800 point, which many now consider to be the current support. BTC/USD – Daily Chart

Friday’s surge took place as bullish pressure also led to a breakout of the 36 level on the 14-day RSI, which we marked as a key obstacle in the way of price gains.

As of writing, relative strength is now tracking at 37.93, which is close to another ceiling at 40, which has dampened bullish hopes in the past.

Earlier gains have also eased, since prices passed the $30,500 resistance point, which some bulls are using as an ideal exit point.

Ethereum

Ethereum was once again trading above $2,000, following a breakout below this point over the course of Thursday’s session.

ETH/USD has so far risen to a peak of $2,054.80 on Friday, which is roughly 4.5% higher than its peak the day before.

Similar to BTC, today’s move in ethereum comes after bulls used the current floor of $1,950 as a springboard to today’s heights. ETH/USD – Daily Chart

However, since reaching these highs, price strength has slowed, with ETH now trading $20 lower than its earlier peak.

Although the RSI has also passed its own ceiling at 35, now tracking above the 36 level, prices are approaching a hard resistance at $2,060.

This point may have caused earlier bulls to vacate their positions, with those remaining likely to hold firm as we head into the week, unless bearish pressure resurfaces. Tags in this story Analysis, Bitcoin, BTC, ETH

How high do you expect ETH to trade this weekend? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: Cosmos Climbs 15%, as AAVE Nears a 10-Day High MARKET UPDATES | 6 hours ago Biggest Movers: Tron Moves to 1-Week High, as Thorchain"s RUNE Nears Lowest Level Since January 2021 MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleVietnam Launches Blockchain Association to Conduct Research and Suggest Regulations Next articleSEC Chair Gensler Warns a Lot of Crypto Tokens Will Fail Following LUNA, UST Collapse 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 ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade