Bitcoin, Ethereum Technical Analysis: ETH Rebounds on Friday, Climbing Above $1,700

Bitcoin, Ethereum Technical Analysis: ETH Rebounds on Friday, Climbing Above $1,700

Ethereum rose above $1,700, while bitcoin snapped a seven-day losing streak on Friday, with prices rebounding in today’s session. The move came ahead of this afternoon’s payrolls report, which is expected to show that 250,000 jobs were added to the U.S. economy in July. Bitcoin

Ahead of the nonfarm payrolls report, bitcoin (BTC) was back in the green on Friday, as the token rebounded following recent declines.

Following a low of $22,485.70 in Thursday’s session, BTC/USD rallied to a peak of $23,354.13 earlier in the day.

The move came as bitcoin bulls helped prices bounce from a key support point of $22,600, after an earlier false breakout. BTC/USD – Daily Chart

Despite today’s surge, BTC is down 2.30% in the last seven days, where prices moved lower in consecutive sessions.

This led the 14-day RSI (relative strength index) to move below its support point of 53, falling to a low of 50.95, which was also an interim floor.

As of writing, price strength has moved above this point, and is currently tracking at 56.80, with a ceiling of 61 waiting ahead. Ethereum

Ethereum (ETH) also rebounded on Friday, as prices rallied above $1,700, wiping out declines from the previous two days of trading in the process.

As of writing, the world’s second-largest cryptocurrency moved to a peak of $1,708.98 in today’s session, as bulls reentered the market.

The move comes less than 24 hours after ETH was trading at a low of $1,585.33, following recent downward pressure. ETH/USD – Daily Chart

ETH seems to have dealt with this pressure so far, with momentum now shifting, following today’s bullish engulfing pattern.

Should this trend continue, the next target for bulls will likely be a resistance level close to $1,800, which was last hit on July 28.

In order for this to occur, price strength will need to climb to a ceiling of its own at 66. As of writing, the RSI is tracking at 63.85.

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 reach $1,800 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. Bitcoin Price Outlook for August: BTC Faces Some Important Tests in the Coming Weeks MARKET UPDATES | 1 hour ago Biggest Movers: THETA Hits 3-Month High, While Near Climbs 17% on Friday MARKET UPDATES | 8 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTetris Owner Playstudios to Launch Blockchain Gaming Division and Web3 Fund Next articleMeta Reportedly Issuing $10 Billion in Bonds to Invest in Its Metaverse Products and Other Initiatives 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 ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto