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 (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 (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.
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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
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