Ethereum snapped a four-day losing streak on Friday, as markets reacted to the latest nonfarm payrolls in the United States. Payrolls came in at 336,000, which is nearly double the 170,000 jobs many thought would be added in September. Bitcoin retreated from a brief stint above the $28,000 level.
Bitcoin (BTC) had a brief stint above the $28,000 level late on Thursday, as market volatility increased ahead of today’s nonfarm payrolls report.
BTC/USD peaked at $28,091.86 towards the tail end of yesterday’s session, before slipping to a bottom of $27,375.60 earlier today.
Prices have since rebounded, with the world’s largest cryptocurrency now trading at $27,649.56 as of writing.
BTC retreated from yesterday’s high after the relative strength index (RSI) failed to sustain a surge above a key resistance level of 60.00.
The index is currently at a reading of 58.95, however there could be another attempt to move beyond 60.00 in the coming hours.
In the event that the next advance is successful, there is a strong possibility bitcoin will be back trading above $28,000.
Ethereum (ETH) returned to the green in today’s session, following a spell of four consecutive days trading lower.
After hitting a one-week low of $1,608 on Thursday, ETH/USD rose to a peak of $1,649.13 earlier in the day.
This came as bulls opted to reenter the market following a breakout below a support point at the $1,620 level.
Earlier gains have somewhat faded, as ETH approached a ceiling near the 50.00 level on the RSI indicator.
Currently, price strength is tracking at 48.93, with ethereum trading at $1,634, and bulls maintaining a target of $1,700 in the short-term.
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Will ethereum move beyond $1,700 over the weekend? Leave your thoughts in the comments below.