Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 for First Time Since May

Bitcoin, Ethereum Technical Analysis: ETH Hits $2,000 for First Time Since May

Ethereum was trading above $2,000 to start the weekend, as the token hit its highest point since May. Crypto markets were back in the green, after marginally consolidating in Friday’s session. Bitcoin moved closer to $25,000 on Saturday, however has still yet to breach this ceiling. Bitcoin

Bitcoin (BTC) was marginally higher on Saturday, as the token once again attempted to climb above the $25,000 level.

Following a low of $23,657.27 on Friday, BTC/USD hit an intraday high of $24,860.05 to start the weekend.

The move saw bitcoin briefly break out of its resistance level of $24,600, and near a two-month high above $24,900 in the process. BTC/USD – Daily Chart

Looking at the chart, today’s gains come as the 14-day relative strength index (RSI) finally broke out of its long-term resistance point at the 60.32 level.

As of writing, the index is currently tracking at 61.60, which is slightly below another point of uncertainty, at 61.80.

Overall, earlier gains have somewhat eased, with BTC currently trading at $24,407.29, as bulls seemed to have abandoned previous positions in order to secure profits. Ethereum

Whilst BTC was struggling to break out of a key point at $25,000, ethereum (ETH) raced past its own ceiling in today’s session.

On Saturday, prices of the world’s second-largest token moved above $2,000 for the first time since May.

Following a low of $1,868.42 on Friday, ETH/USD moved to a peak of $2,013.76 earlier in today’s session. ETH/USD – Daily Chart

This is the highest point ethereum has traded at since May 23, and comes as price strength also surged past a ceiling of its own.

Looking at the chart, the RSI also raced past its resistance level at 68, and is currently tracking at 71.55, which is its strongest reading since April 4.

As of writing, ethereum is now overbought, which could see bears gradually look to position themselves for entries back into the market.

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

Will ethereum climb to further highs 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: MATIC, SOL Move Towards 4-Month Highs on Saturday MARKET UPDATES | 10 hours ago Biggest Movers: ETC Nears 4-Month High, LINK Hits Highest Point Since June MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCentral African Republic President Says Successful Launch of Sango Coin a Key Milestone Next articleBiggest Movers: MATIC, SOL Move Towards 4-Month Highs 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 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.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether