ETH back above $1,700 as markets rally on Saturday – Market Updates

Ethereum was trading back above $1,700 to start the weekend as the cryptocurrencies recovered from Friday’s decline. The global cryptomarket capitalization rallied in today’s session as the bulls turned to buy yesterday’s decline. Also Bitcoin was back in the green, with prices approaching the $25,000 mark.

Bitcoin

Bitcoin (BTC) moved towards the $25,000 level on Saturday as crypto markets recovered from yesterday’s declines.

After hitting a low of $23,712.05 on Friday, BTC/USD raced to an intraday high of $24,924.04 earlier in the day.

As a result of this move, Bitcoin again broke out of its long-term resistance level at $24,200.

In addition, the 14-day relative strengthindex (RSI) regained above its own 65.00 resistance level after approaching 61.00 on Friday.

As of this writing, price strength currently sits at 65.29 with a cap at 70.00 a possible target for bulls.

The 10-day moving average (red) has also completely changed course and appears to be closing in on an upward cross with its 25-day counterpart (blue).

If that happens, BTC could top $26,000 before the end of the weekend.

Ethereum

Ethereum’s (ETH) surged back above $1,700 to start the weekend, with the bulls regaining the lead.

ETH/USD hit a high of $1,716.78 earlier in the day, hitting a low of $1,656.28 less than 24 hours after trading.

The world’s second largest cryptocurrency climbed back above a price ceiling of $1,675 after the move.

At the time of writing, previous gains have faded somewhat as the RSI collided with a ceiling at 63.00.

Since that collision, price strength is now hovering around the 60.44 level, with Ethereum trading at $1,693.41.

Unless the bulls clear this hurdle, ETH is unlikely to reclaim $1,700 this weekend.

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Eliman Damell

Eliman brings an eclectic viewpoint to market analysis. Previously he was brokerage director and onlineTrading-Instructor. He currently acts as a commentator for various asset classes including crypto, stocks and forex while also being a startup founder.

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