Bitcoin, Ethereum Technical Analysis: ETH Surges Past $1,200 as Latest Shadow Fork Goes Live
ETH was back in the green, as markets reacted to the release of Shadow Fork 9. Bitcoin was well above $20,000 on Friday, as bulls returned to the crypto market following several days of consolidation. BTC was up by over 5% in today’s session, with ETH not only back into the $1,100 region, but above $1,200.
After battling market uncertainty all week long, bitcoin bulls returned to action on Friday, pushing prices well above $20,000.
The world’s largest crypto token rose to an intraday high of $20,981.99 in today’s session, as prices moved past a key resistance point.
BTC/USD was able to overcome its $20,070 ceiling earlier in today’s session, as it went on to hit its highest point all week.
The move came as price strength finally overcame its own resistance at the 41.80 level, and as of writing, it is at a reading of over 46.
Looking at the indicator, the next ceiling is at 48. Should the RSI reach this point, we will likely be looking at BTC trading above $21,000.
Overall, bulls could be trying to target the $21,300 price point, which has been a point of uncertainty in recent weeks.
On a percentage level, gains in ETH were even stronger than that of BTC, and came as the latest shadow fork went live.
News of the update buoyed traders, with bulls pushing ETH/USD to an intraday high of $1,225.06, days after almost falling below $1,000.
Today’s surge in price has seen ethereum climb to its highest point since June 9, and now it’s on the cusp of colliding with a key resistance point.
This ceiling at $1,270 has been in place since June 13, when ETH was on its way down from $2,000. However, bulls may be looking to break this.
In addition to this, price strength is currently trending higher, with the 14-day RSI tracking at the 51.23 level, which is its highest point in over three months.
The next ceiling for the RSI looks as if it could be around 55, and should momentum continue to climb, ETH may continue moving back towards $2,000.
Register your email here to get weekly price analysis updates sent to your inbox:
Will this bullish momentum for ETH continue throughout the weekend? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.