Ethereum was back in the green on Friday, as the bulls returned to action after yesterday’s selloff. Crypto markets shrugged off concerns over Tesla’s bitcoin sales, extending this week’s rally in the process. Bitcoin was also up in today’s session as it moved back towards $24,000.
Bitcoin
Bitcoin (BTC) prices rose on Friday as the market turned bullish after yesterday’s Tesla-led selloff.
The world’s largest cryptocurrency climbed as high as $23,663.72 in today’s session, after falling to $22,431.12 in less than 24 hours.
Today’s move takes bitcoin back towards its long-term resistance at $24,300, a point raised earlier this week.
Following today’s surge, two days after it failed to clear this hurdle, price strength has once again hit a ceiling of its own.
This resistance sits at 62 points on the 14-day RSI (Relative Strength Index), and the highest point in three months is relative strength.
If the bulls eventually break above this level, we could see bitcoin not only entering the $24,000 area, but a move towards $25,000.
Ethereum
Ethereum (ETH) was also back in the green on Friday, as the price of Ether moved towards its own resistance level.
After hitting a low of $1,472.19 during yesterday’s session, ETH/USD reached an intraday peak of $1,641.21 earlier today.
The move has seen the coin climb to around $200 in less than 24 hours, resulting in a push towards the $1,640 resistance area.
Looking at the chart, today’s peak is the highest point Ethereum traded since June 11, with the RSI also tracking multi-month highs.
At the time of writing, the index now sits at 68.55, the highest reading since April 4, and the RSI will need to be above 70 if we see the price continue to rally.
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