Bitcoin, Ethereum Technical Analysis: BTC Bulls Keep Price Close to 2-Week High, Following Strong US Retail Sales

Bitcoin continued to commerce near a multi-week excessive on Friday, as bulls continued to focus on the $27,000 degree. The transfer got here following stronger than anticipated U.S. retail gross sales figures, which rose by 0.6% in August. Ethereum additionally traded increased in right now’s session.

Bitcoin

Bitcoin remained close to a two-week excessive on Friday, as merchants continued to digest the newest US retail gross sales figures.

Following a low of $26,285.50 on Thursday, BTC/USD rallied to an intraday excessive of $26,774.62 earlier in right now’s session.

This peak noticed bitcoin commerce at its strongest level since August 31, when value peaked over the $27,500 mark.

Overall, it seems that right now’s bullish sentiment comes because the relative power index (RSI) moved in direction of a ceiling of 52.00.

At the time of writing, value power is monitoring at 51.96, which has led some earlier bulls to desert their positions.

BTC has now retreated to a present degree of $26,617.31, nevertheless merchants will doubtless make one other run in direction of $27,000 within the coming days.

Ethereum

Ethereum (ETH) rose for a fourth consecutive session, because the cryptocurrency remained above a assist degree of $1,620.

ETH/USD moved to a peak of $1,640.52 on Friday, just below 24 hours after the value reached a backside at $1,618.73.

The aforementioned excessive noticed the world’s second largest cryptocurrency transfer to its strongest degree in seven days.

Earlier features have considerably light, as merchants didn’t breach a key resistance degree of 47.00 on the RSI indicator.

As of writing, the index is now at a studying of 44.41, with a assist level of 40.00 a possible goal.

Overall sentiment appears to be bullish nevertheless, because the potential for an upwards cross between the 10-day (pink) transferring common and its 25-day (blue) counterpart stays excessive.

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Could there be a surge above $1,700 this weekend for ETH? Leave your ideas within the feedback beneath.