February 4, 2023
Research News

Bitcoin, Ethereum Technical Analysis: ETH Surges Above $1,200 to Start the Weekend

Ethereum was back above $1,200 on Saturday, as bullish sentiment returned to cryptocurrency markets to start the weekend. Following recent stints in the red, the global crypto market cap is trading 1.91% higher as of writing. Bitcoin was also back in the green.

Bitcoin

Bitcoin (BTC) was marginally higher to start the weekend, as prices moved closer to a key resistance level.

Following a low of $16,456.65 on Friday, BTC/USD rose to an intraday high of $16,666.86 earlier in today’s session.

This move saw the world’s largest cryptocurrency move closer to a ceiling of $16,800, which it last hit on November 18.

Looking at the chart, Saturday’s surge sent the token to a ceiling on the relative strength index (RSI) of 41.00.

As of writing, the index is tracking at 40.00, following an earlier failed breakout attempt, which has since sent BTC lower.

Currently bitcoin is trading at $16,614.71, as earlier bulls moved to liquidate their positions.

Ethereum

Ethereum (ETH) was over 3% higher on Saturday, with the token climbing back above its $1,200 level.

ETH/USD raced to a peak of $1,222.81 to start the weekend, less than 24 hours after hitting a bottom of $1,184.87.

Today’s rally comes as the token extended its breakout of a key resistance level at the $1,180 mark.

As can be seen from the chart, price strength also broke out of a ceiling, with the RSI moving past a hurdle at the 43.50 point.

In addition to this, the 10-day (red) moving average has now fully shifted momentum, with the trend line no longer downward facing.

Bulls are likely waiting for further shifts in momentum before adding on to the bullish pressure.

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Do you expect ethereum to hit $1,300 this weekend? Leave your thoughts in the comments below.