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Bitcoin, Ethereum Technical Analysis: ETH Bulls Targeting $1,800 This Weekend

Bitcoin, Ethereum Technical Analysis: ETH Bulls Targeting $1,800 This Weekend

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Ethereum hit a new three-week high to start Saturday’s session, but gains pared as the day wore on. The token continues to trade above $1,700 as market sentiment remains bullish. Bitcoin experienced a similar day, with the token slowly losing power after a failed breakout of a key resistance level.

Bitcoin

Bitcoin (BTC) continued to trade above $21,000 on Saturday, but yesterday’s gains had faded a bit.

BTC/USD peaked at $21,613.86 earlier in today’s session, but prices then fell to an intraday low of $20,651.06.

The decline was due to the token failing to break its $21,600 resistance as bears battled the move.

BTC/USD – Daily Chart

Looking at the chart, the drop comes as the 14-day Relative Strength Index (RSI) appeared to hit its own resistance level at 55.40.

At the time of writing, bitcoin is trading at $21,356.34 as momentum slowly recovers, but until the RSI crosses the aforementioned ceiling, we may not see any more significant gains.

In addition to this, the 10-day (red) moving average is now crossed with its 25-day (blue) counterpart. This could be another catalyst for the additional price increase.

Ethereum

Ethereum (ETH) was mostly higher at the start of the weekend as the token broke through its own resistance level.

On Saturday, the world’s second largest token reached a high of $1,739.43. This happened when prices crossed the $1,700 ceiling.

There has been some decline since the previous high, and ETH/USD is now trading at $1,721.15.

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

As with bitcoin, it appears that the bulls have decided to close out previous positions and secure profits as market uncertainty increases.

From the chart, it appears that the 14-day RSI has contributed to this volatility, with the index now tracking at 58.00, which is close to the 60.00 ceiling.

Bulls are still targeting $1,800, but to reach that point, price strength will have to overcome an upcoming hurdle.

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

Disclaimer: This article is for information only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damages or losses caused or alleged to be caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.



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