02 April 2022
ETH rose to its highest level since the start of January to begin the weekend, as prices rose following yesterday’s consolidation. <a class="lar-automated-link" href="https://markets.bitcoin.com/crypto/BTC" 311996 target="_blank">BTC also rallied, however remains below this week’s high of over $48,000.
Although BTC started the weekend trading below this week’s high of $48,278, bulls looked to recapture this level, by moving away from Friday’s lows.
Following the nonfarm payrolls report, BTC fell to a low of $44,846.26 on Friday, however to start the weekend, prices rose to a high of $47,028.28 on Saturday.
This move comes as the uncertainty surrounding yesterday’s announcement has somewhat faded, giving bulls more encouragement to re-enter the market.
The rebound in BTC’s price follows yesterday’s false breakout of support at $45,000, which then led to an extension of recent bullish sentiment into today’s session.
Looking at the chart, the 14-day RSI has also shown this, with a breakout of the 62.60 resistance occurring earlier on in the day.
Some believe that this could give bulls another reason to attempt to move beyond the $48,300 resistance, and potentially target $50,000.
The world’s second largest cryptocurrency is currently up by over 6% on the day, as it climbed to a high of $3,509.18.
This rally in price saw ETH/USD rise to its highest point since January 6, and comes as markets finally moved past a troublesome ceiling.
Looking at the chart, that resistance was the $3,440 point, which was one of the main obstacles stopping the price from climbing further.
As of writing, price strength has also regained some momentum, with the 14-day RSI hitting its highest point since Wednesday.
Now tracking above 70, prices are once again overbought, however as the $3,440 resistance has been overcome, bulls may continue to push price further.
What is the next price target for ETH bulls, $3,800? Leave your thoughts in the comments below.
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