On December 23, as markets continued to respond to US GDP data that was higher than expected, Ethereum drew nearer to a crucial resistance level of $1,230. The United States’ gross domestic product was revised up to 3.2%, exceeding expectations of 2.9%. Bitcoin prices have been relatively stable today, hovering around the $16,800 level.
On Friday, Bitcoin (BTC) was consolidating once more as markets continued to react to the most recent U.S. Q3 GDP statistics.
BTC/USD values increased slightly today, reaching a high of $16,880.87 after hitting a low of $16,592.41 on Thursday.
BTC’s price surged above a critical barrier level of $16,800 as bulls tried to retake the $17,000 level.
The chart shows that recent price volatility has occurred as the 14-day relative strength index (RSI) is still quite close to a floor at 45.00.
Following a recent crossing between the red 10-day moving average and its blue 25-day counterpart, sentiment also appears uncertain.
If this downward trend continues, we could see BTC trading near $16,000 during the Christmas weekend.
A critical resistance level was approached by the price of Ethereum (ETH) earlier today, which led to a little increase in the price for the week.
Less than 24 hours after hovering at $1,187.13 on Friday, ETH/USD soared to an intraday high of $1,224.21.
In today’s action, ETH bulls are attempting once more to overcome the $1,230 long-term resistance level.
Looking at the chart, the 14-day RSI has recently risen above a resistance level at 47.00 and is currently tracking at 47.92, with the next obvious ceiling at 52.00.
In order for bulls to continue to push Ethereum higher, price strength will likely need to surge toward this upcoming resistance of 52.00.
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Do you expect ethereum to be above $1,230 before Christmas? Leave your thoughts in the comments below.