Ethereum kept trading near the $1,700 level of resistance Saturday subsequent to the US Non-Farm Payrolls (NFP) report on Friday. The report affirmed that 517,000 new jobs were added to the American economy in January, which was higher than the projected 185,000. In any case, the market saw some consolidation as dealers moved in to take profits.
Bitcoin
Bitcoin (BTC) went down to launch the end of the week as traders kept on locking in gains after the ongoing rally to a 6-month high.
Following a possible high of $23,678.10 on Friday, BTC/USD plunged to a low of $23,279.96 during the intraday session on Saturday.
This was the third consecutive day of Bitcoin declines, coming after the digital currency hit its highest level since August 2020 at $24,262 on Thursday.
Because of the ongoing decreases in Bitcoin’s RSI, the indicator currently stands at 68.41, somewhat higher than the 68.00 support level, which has not been breached since January 11.
In the event that this level is not held today, the bearish sentiment could increase, pushing prices below $23,000.
Ethereum
In the interim, Ethereum (ETH) experienced a slight rally on Saturday as it attempted to push past the resistance level close to $1,700.
The USD/ETH exchange rate rose to a high of $1,670.70 at the beginning of the weekend, as the second-largest digital currency bounced back from a downturn on Friday, which saw prices reach a low of $1,634.49.
Following the surge to $1,714 on Thursday, ETH’s highest level since its inception in September 2015, costs have been consolidating.
