{"id":17276,"date":"2023-02-04T13:00:15","date_gmt":"2023-02-04T13:00:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-remains-near-1700-to-start-the-weekend-market-updates-bitcoin-news\/"},"modified":"2023-02-04T13:00:15","modified_gmt":"2023-02-04T13:00:15","slug":"eth-remains-near-1700-to-start-the-weekend-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-remains-near-1700-to-start-the-weekend-market-updates-bitcoin-news\/","title":{"rendered":"ETH Remains Near $1,700 to Start the Weekend\u00a0 \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ethereum continued to trade close to a key resistance level of $1,700 on Saturday, following Friday\u2019s U.S. non-farm payrolls (NFP) report. Yesterday\u2019s report showed that 517,000 jobs were added to the U.S. economy in January, better than the 185,000 many were expecting. Bitcoin mostly consolidated however, as traders moved to take recent profits.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) moved lower to start the weekend, as traders continued to secure gains following a recent climb to a six-month high.<\/p>\n

Following a high of $23,678.10 on Friday, BTC<\/a>\/USD fell to an intraday low of $23,279.96 earlier in Saturday\u2019s session.<\/p>\n

Today\u2019s decline sees bitcoin fall for a third straight day, and comes following Thursday\u2019s high of $24,262, which was BTC<\/a>\u2019s highest point since early-August last year.<\/p>\n

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

As a result of recent declines, bitcoin\u2019s 14-day relative strength index (RSI) is now tracking at 68.41.<\/p>\n

This is marginally above a point of support at 68.00, which is a level that has not been broken since January 11.<\/p>\n

Should this floor fail to hold during today\u2019s session, bearish sentiment will likely continue to rise, pushing prices below $23,000 in the process.<\/p>\n

Ethereum<\/h2>\n

On the other hand, ethereum (ETH<\/a>) rose marginally higher on Saturday, remaining close to a resistance level of $1,700 in the process.<\/p>\n

ETH<\/a>\/USD hit a high of $1,670.70 to start the weekend, as the world\u2019s second largest cryptocurrency bounced away from Friday\u2019s low at $1,634.49.<\/p>\n

Following a surge to $1,714 on Thursday, which was the strongest point for ETH<\/a> since September, prices have moved into consolidation.<\/p>\n

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

Looking at the chart, Saturday\u2019s climb has pushed the RSI closer to a resistance of its own at 68.00, with the index currently tracking at 64.35.<\/p>\n

ETH<\/a> will likely reach the $1,700 mark should price strength recapture this ceiling.<\/p>\n

The 10-day (red) moving average appears to be upwards facing, which could be a positive sign for bulls anticipating upcoming surges.<\/p>\n

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

Could we see ethereum climb above $1,700 this weekend? 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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

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