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After a small breakout during the Thursday session, Ethereum was back above the $1,800 mark. Prices surged up to 2% as hope grew that the US debt ceiling could be raised. In a move away from its two-week low from yesterday, bitcoin also slightly increased.
Bitcoin
On Friday, Bitcoin’s (BTC) price increased little as it recovered from a recent two-week low.
BTC/USD reached a high of $26,591.52 earlier in the day after dropping to a low of $25,890.59 on Thursday.
With the move, bitcoin (BTC) could once more go over a level of support at $26,300, which had been in place for the previous few weeks.
Despite this most recent uptick, BTC was still approximately 2% below where it was at the same time last week.
The 14-day relative strength index (RSI), which failed to break out of a floor at 39.00, is a promising sign for bulls.
Back on March 10, there was a previous breakout, which caused BTC to drop under the $20,000 threshold.
Ethereum
After falling to a multi-week low of its own on Thursday, Ethereum (ETH) climbed back above the $1,800 threshold on Friday.
ETH/USD reached a high of $1,817.16 earlier today, a day after the price dropped to a low of $1,788.29.
The 10-day moving average (red) is now firmly on the edge of crossing its 25-day (blue) counterpart as a result of today’s small bounce.
As price strength once more bounced off of support at 44.00 and long-term bulls reentered the market, the likelihood of this happening increased.
As of writing this, the index is now tracking at 46.39, with the next visible resistance level at 51.00.
There is a significant potential that ETH might reach $1,900 this weekend if momentum keeps increasing.
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