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

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

Bitcoin continued to trade close to a multi-week high on Friday, as bulls continued to target the $27,000 level. The move came following stronger than expected U.S. retail sales figures, which rose by 0.6% in August. Ethereum also traded higher in today’s session.

Bitcoin

Bitcoin remained near a two-week high on Friday, as traders continued to digest the latest US retail sales figures.

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

This peak saw bitcoin trade at its strongest point since August 31, when price peaked over the $27,500 mark.

Overall, it appears that today’s bullish sentiment comes as the relative strength index (RSI) moved towards a ceiling of 52.00.

At the time of writing, price strength is tracking at 51.96, which has led some previous bulls to abandon their positions.

BTC has now retreated to a current level of $26,617.31, however traders will likely make another run towards $27,000 in the coming days.

Ethereum

Ethereum (ETH) rose for a fourth consecutive session, as the cryptocurrency remained above a support level of $1,620.

ETH/USD moved to a peak of $1,640.52 on Friday, just under 24 hours after the price reached a bottom at $1,618.73.

The aforementioned high saw the world’s second largest cryptocurrency move to its strongest level in seven days.

Earlier gains have somewhat faded, as traders failed to breach a key resistance level of 47.00 on the RSI indicator.

As of writing, the index is now at a reading of 44.41, with a support point of 40.00 a potential target.

Overall sentiment seems to be bullish however, as the potential for an upwards cross between the 10-day (red) moving average and its 25-day (blue) counterpart remains high.

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Could there be a surge above $1,700 this weekend for ETH? Leave your thoughts in the comments below.


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