Ethereum rallied on Saturday, as the world’s second-largest cryptocurrency moved closer to the $3,000 level. The global crypto market cap was over 4% higher as of writing, with bitcoin climbing by nearly 3.5%.
Bitcoin
Bitcoin (BTC) climbed above $42,000 for the first time in ten days to start the weekend, as cryptocurrencies rallied, following a week of volatility.
Crypto prices were traded with high levels of uncertainty following the Fed rate hike, however, as markets seem to have finally moved past this news, bitcoin bulls once again reappeared.
As of writing this, BTC/USD rose to a high of $42,195.74 to commence the weekend, following an intraday low of $40,402.06 less than 24-hours ago.
Today’s surge has seen the 10-day (red) and 25-day (blue), moving averages cross, however, the direction of the crossover remains in doubt, due to recent price uncertainty.
Looking at the chart, bitcoin now hovers below its long-term resistance level of $42,080, which is a point that has not been successfully broken since February 28.
In addition to this ceiling, the 14-day RSI also tracks at a resistance level of 55.4, if both hurdles are passed, many could be targeting a $45,000 point for BTC.
Ethereum
Ethereum (ETH) rose to its highest level in over two weeks on Saturday, as prices climbed for a sixth consecutive session.
Last week saw ethereum trade predominantly near its support of $2,550, however, since the turn of the week, markets had consistently moved away from this point.
On Saturday, ETH/USD came within a stone’s throw away from the 3K mark, as prices hit a peak of $2,973.62.
With the RSI indicator continuing to move past obstacles, and now tracking at a six-week high, the expectation is that we will see ETH at $3,000 before the end of today’s action.
This could however be a bull trap set by bears, as history has also shown several market reversals that occur at this point.
Will ethereum continue to climb once it moves past $3,000? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer
Ecosystem
Research
News Network
About