To start Saturday's session Ethereum rose to a new three-week high, but gains fell as the day progressed. As bullish market sentiment continues, the token trades above $1,700. Bitcoin had a similar day. The token lost steam after failing to break through a key resistance level.
Bitcoin
Bitcoin (BTC), which traded above $21,000 on Saturday was still in trading, but yesterday's bullish momentum had slightly waned.
Today's session saw BTC/USD rise to $21,613.86. However, prices fell to $20,651.06.
The token failed to break through its resistance point at $21,600 and the decline was caused by bears fighting against the move.
The chart shows that the relative strength index (RSI), 14-day, dropped as it collided with a resistance level at 55.40.
Bitcoin is currently trading at $21,356.34 and momentum is slowly returning. However, until the RSI moves above the aforementioned ceiling we may not see any significant gains.
The 10-day (red-colored) moving average is also on the verge of being crossed with its 25 day (blue) counterpart. This could provide another opportunity for price gains.
Ethereum
Ethereum (ETH), which was mostly higher to begin the weekend, surged above a resistance level.
The world's second-largest token climbed to $1,739.43 on Saturday. As prices surpassed a $1700 ceiling, this was possible.
There have been some drops since the previous high. ETH/USD is now trading at $1721.15.
Similar to bitcoin, bulls seem to have decided to close their previous positions and make profits as the market became more uncertain.
The chart shows that the volatility is being caused by the 14-day RSI. The index is now at 58.00 which is close to the ceiling of 60.00.
Bulls are still aiming for $1,800 but price strength will be required to overcome this obstacle.
Sign up here to receive weekly price analysis updates to your inbox:
Are you expecting market sentiment to turn bearish in the coming weekend? Comment below to share your thoughts.
—————————————————————————————————————————————————————————————–
By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: ETH Bulls Targeting $1,800 This Weekend
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-eth-bulls-targeting-1800-this-weekend/
Published Date: Sat, 10 Sep 2022 11:20:48 +0000
Did you miss our previous article…
https://altcoinirareview.com/dragged-from-the-bedroom/
Related posts:
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility
Bitcoin, Ethereum Technical Analysis: BTC Beyond $21,000, ETH Above $1,700 as Powell Remains Hawkish
Biggest Movers: DOGE Hits 1-Month High to Start the Weekend
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Week
