Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
Search
Close this search box.

Bitcoin, Ethereum Technical Analysis: BTC Nears $29,000 to Start April, as ETH Also Rebounds

Bitcoin was back in the green on Saturday, as prices moved close to the $29,000 level to start the weekend. Following a volatile session on Friday, cryptocurrency markets were mostly higher entering April. Ethereum moved back above the $1,800 level.

Bitcoin

Bitcoin (BTC) rose towards $29,000 on Saturday, as markets continued to react to yesterday’s personal consumption expenditure (PCE) figures in the United States.

PCE climbed to 0.3% in March, less than the 0.4% markets were expecting, showing that inflation was slowing.

BTC/USD rose to an intraday high of $28,802.46 earlier in today’s session, which comes a day after trading at a low of $27,854.63.

BTC/USD – Daily Chart

Looking at the chart, the move saw BTC briefly breakout of a long-term resistance level of $28,500.

Earlier gains have since declined, which comes as the 14-day relative strength index (RSI) failed to move beyond a ceiling at 65.00.

As of writing this, the index is now tracking at 63.65, with a floor at 62.00 a possible target for sellers.

Ethereum

Ethereum (ETH) was also higher to start the weekend, with prices once again climbing above teh $1,800 level.

Following a low of $1,789.76 on Friday, ETH/USD raced to a peak at $1,844.68 earlier in today’s session.

As a result of the move, the world’s second largest cryptocurrency jumped over a ceiling at the $1,825 zone.

ETH/USD – Daily Chart

From the chart, this seemingly coincided with the RSI breaking free of a resistance of its own at 59.00.

At the time of writing, price strength is now at the 60.15 mark, with the next visible ceiling around the 62.00 region.

Should the RSI move closer to this point, ethereum bulls will send prices towards a long-term target of $1,900.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Do you expect ethereum to hit $2,000 in April ? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




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.

Read disclaimer

Share this article
Facebook
Twitter
LinkedIn
WhatsApp
Email
More Articles

The Latest Block Newsletter

Subscribe Now

Sign up for our exclusive email list and be the first to hear of
our weekly summarization of Crypto and Fintech News