Bitcoin, Ethereum Technical Analysis: BTC Approaches Key Price Ceiling Ahead of Friday’s US Payrolls Report

Bitcoin continued to consolidate on Thursday, ahead of the upcoming U.S. nonfarm payrolls (NFP) report in the United States. Payrolls are expected to come in at 170,000 for September, down from 187,000 the month prior. Ethereum fell for a fourth straight day.

Bitcoin

Bitcoin (BTC) continued to trade close to a key price ceiling on Thursday, ahead of tomorrow’s NFP report.

BTC/USD peaked at $27,875.59 earlier in the day, which comes following a low of $27,339.27 the day before.

The move pushed bitcoin closer to a recent resistance level of $27,900, however bulls were unable to capture this point.

Earlier gains have since faded, which comes as the relative strength index (RSI) encountered some turbulence of its own.

At the time of writing, the index is at a reading of 60.21, which is marginally below a ceiling at 63.00

Should this decline continue, price strength could land at a floor of 58.00 in the not-too-distant future.

Ethereum

Ethereum (ETH) moved lower for a fourth straight session on Thursday, as the cryptocurrency closed in on a recent point of support.

Following a high of $1,654.43 on Wednesday, ETH/USD dropped to an intraday low of $1,632.72 earlier today.

This extended slippage pushed ethereum towards a floor at $1,620, which was last hit on September 29.

Today’s fall in price came as the RSI marginally dropped below a support of its own at the 50.00 zone.

Currently, the indicator is reading 49.24, with a lower level at 44.00 a possible target for sellers in the market.

Register your email here to get weekly price analysis updates sent to your inbox:

How will nonfarm payrolls impact crypto prices? Leave your thoughts in the comments below.