{"id":15074,"date":"2022-12-02T14:42:56","date_gmt":"2022-12-02T14:42:56","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-btc-higher-following-us-nonfarm-payrolls-report-market-updates-bitcoin-news\/"},"modified":"2022-12-02T14:42:56","modified_gmt":"2022-12-02T14:42:56","slug":"eth-btc-higher-following-us-nonfarm-payrolls-report-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-btc-higher-following-us-nonfarm-payrolls-report-market-updates-bitcoin-news\/","title":{"rendered":"ETH, BTC Higher Following US Nonfarm Payrolls Report \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ethereum moved closer to the $1,300 level on Dec. 2, as prices remained near a multi-week high. This comes as the latest U.S. nonfarm payrolls report showed that 263,000 jobs were added to the U.S. economy. Markets had expected this to come in at 200,000. Bitcoin was trading above $17,000 prior to the release of the data. <\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) was once again trading above the $17,000 level, following today\u2019s U.S. nonfarm payrolls (NFP) report.<\/p>\n

Today\u2019s data was expected to show an addition of 200,000 jobs to the American economy, which would have been less than October\u2019s figure of 260,000. However, the numbers came in better than expected, at a level of 263,000.<\/p>\n

BTC<\/a>\/USD rose to a high of $17,197.50 ahead of the news, which comes less than a day after prices were at a bottom of $16,888.39.<\/p>\n

\"Bitcoin,
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As can be seen from the chart, the rally came as prices moved past a key resistance level of $16,800, with the relative strength index (RSI) also hovering near a ceiling.<\/p>\n

The index is currently tracking at 48.68, which is marginally below a resistance point of 50.00, which seems to be the main obstacle in the way of prices extending earlier gains.<\/p>\n

Bulls will remain optimistic despite this, with the 10-day (red) moving average closing in on an upwards crossover with its 25-day (blue) counterpart.<\/p>\n

Ethereum<\/h2>\n

Like BTC<\/a>, ethereum (ETH<\/a>) also moved higher on Friday, as the coin continued to hover close to the $1,300 mark.<\/p>\n

Following a low of $1,267.71 on Thursday, ETH<\/a>\/USD raced to an intraday high of $1,293.11 earlier in today\u2019s session.<\/p>\n

Friday\u2019s move sees the world\u2019s second largest cryptocurrency climb close to its recent resistance of $1,300, but the asset has so far been unable to move beyond this point.<\/p>\n

\"Bitcoin,
ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

This comes despite the 10-day (red) moving average appearing to have marginally crossed over its 25-day (blue) counterpart.<\/p>\n

Should this crossover continue in an upward direction, not only will ETH<\/a> move past the $1,300 point, but it will likely head towards a higher ceiling of $1,390.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect the Federal Reserve to pivot its policy following today\u2019s report? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

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