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ETH Bulls Targeting $1,800 This Weekend – Market Updates Bitcoin News


Ethereum rallied to a fresh three-week high to start Saturday trading, however, the gains cooled as the day progressed. The token continues to trade above $1,700, as market sentiment remains upbeat. Bitcoin experienced a similar day, with the token slowly losing ground, after failing to break a key resistance level.

Bitcoin

Bitcoin (BTC) continued to trade above $21,000 on Saturday, however yesterday’s bullish momentum cooled slightly.

BTC/USD rose to a high of $21,613.86 earlier in today’s trading session, however the price subsequently dropped to an intraday low of $20,651.06.

The drop came as the token failed to sustain a break out of its resistance point of $21,600, as the bears fought back against the move.

Bitcoin, Ethereum Technical Analysis: ETH Bulls Target $1,800 This Weekend
BTC/USD – Daily Chart

Looking at the chart, the drop comes as the 14-day relative strength index (RSI) seems to collide with its own resistance at 55.40.

As written, bitcoin is currently trading at $21,356.34 as momentum slowly returns, however until the RSI crosses above the aforementioned ceiling we likely won’t see any levels. any more significant increase.

Additionally, the 10-day moving average (red) is currently on top of a crossover with its 25-day moving average (in blue). This could be another catalyst for further price increases.

Ethereum

Ethereum (ETH) was mostly higher at the start of the week, as the token rallied past a resistance of its own.

Saturday saw the world’s second-largest token climb to as high as $1,739.43. This happened when the price broke through the $1,700 ceiling.

There have been some declines since the previous high, with ETH/USD is currently trading at $1,721.15.

Bitcoin, Ethereum Technical Analysis: ETH Bulls Target $1,800 This Weekend
ETH/USD – Daily Chart

Similar to bitcoin, it seems that the bulls chose to close previous positions and secure profits, as market uncertainty increased.

From the chart, it looks like the 14-day RSI has played a part in this volatility, with the index currently tracking at 58.00, near the ceiling of 60.00.

The bulls continue to target $1,800, however to capture the moment, price strength will need to overcome its upcoming hurdle.

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Do you expect market sentiment to drop this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image credits: Shutterstock, Pixabay, Wiki Commons

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