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As markets prepare for a significant week of U.S. economic data, bitcoin started the week consolidating above the $28,000 mark. The nonfarm payrolls on Friday, predicted to decline to 238,000 jobs, will be the main topic of discussion. Currently, the price of Ethereum is higher than $1,800.
Bitcoin
As the volatility in the cryptocurrency markets remained high, Bitcoin (BTC) opened the week by settling around the $28,000 mark.
BTC/USD hit a low of $27,607.67 earlier in the day’s session before rising to a high of $28,475.62 later in the day.
A recent resistance level of $28,500, which was broken over the weekend, was approached by bitcoin on the rise.
The 14-day relative strength index (RSI) failed to go through a ceiling at 65.00, contributing to recent price consolidation.
The index is currently tracking at 62.00, which is also a crucial level of support for traders.
Overall, the value of the biggest cryptocurrency in the world is currently trading 1.46% higher than it was a week ago.
Ethereum
Ethereum (ETH) is currently trading over the $1,800 mark, and investors are still hoping for a breach above a significant barrier level.
Today’s session saw ETH/USD reach a high of $1,819.29, up from an earlier low of $1,765.52.
The bulls in Ethereum attempted to climb up to a ceiling of $1,825 due to today’s rise, but momentum has since slowed.
Earlier bulls abandoned their positions as the RSI ran into a wall at the 60.00 level.
At the time of writing, price strength is now at 57.77, with the next visible ceiling around the 62.00 regions.
Also, a downward cross between the 10-day (red) and 25-day (blue) moving averages is almost complete, which could indicate upcoming price weakness.
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