• The U.S. non-farm payrolls (NFP) report on Friday showed that 517,000 jobs were added to the U.S. economy in January, better than the 185,000 many were expecting.
• Bitcoin moved lower to start the weekend, as traders continued to secure gains following a recent climb to a six-month high.
• Ethereum rose marginally higher on Saturday, remaining close to a resistance level of $1,700 in the process.
Overview
The U.S. non-farm payrolls (NFP) report on Friday showed that 517,000 jobs were added to the U.S. economy in January, better than the 185,000 many were expecting and this had an effect on both Bitcoin and Ethereum prices at the weekend.
Bitcoin Price Analysis
Following a high of $23,678.10 on Friday, BTC/USD fell to an intraday low of $23,279.96 earlier on Saturday’s session as traders moved to take recent profits resulting in Bitcoin falling for a third straight day since Thursday’s high of $24,262 which was BTC’s highest point since early-August last year.. This has also pushed bitcoin’s 14-day relative strength index (RSI) is now tracking at 68.41 which is marginally above a point of support at 68.00 which if broken could push prices below $23,000 in the process..
Ethereum Price Analysis
Ethereum (ETH) rose marginally higher on Saturday with ETH/USD hitting a high of $1,670.70 as it bounced away from Friday’s low at $1,634 .49 and following Thursday’s surge to $1 ,714 ,which was its strongest point since September .This has pushed ETH closer towards its resistance level of $1 ,700 with its RSI currently tracking at 64 .35 and should price strength recapture this ceiling then we could potentially see ethereum climb above this level over the weekend .
Conclusion
In conclusion it seems that both Bitcoin and Ethereum are continuing their respective climbs although their progress is being hampered by various resistance levels . However if these ceilings can be broken then we could potentially see further gains across both cryptocurrencies throughout 2021 .