Bitcoin, Ethereum Technical Analysis: BTC Nears $31,000, as ETH Hits 11-Month High

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Bitcoin moved towards the $31,000 mark on Friday, ahead of upcoming retail sales data from the United States. Sales are expected to remain flat, whilst overall consumer sentiment is forecasted to rise to 62.7, from a reading of 62.0. Ethereum extended recent gains, hitting an eleven-month high in the process.

Bitcoin

Bitcoin (BTC) was once again in the green on Friday, as traders pushed the price close to the $31,000 mark.

BTC/USD raced to a peak of $30,848.46 earlier in today’s session, a day after trading at a low of $30,160.59.

The move has resulted in bitcoin hitting its strongest point since June 7, when it hit a peak of $31,549.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:BTCUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

Overall, this recent surge in momentum has sent the relative strength index (RSI) deep into overbought territory.

At the time of writing, the index is tracking at 72.18, which is marginally higher than a peak at 72.

Should the index move above a reading of 73.00, then it is very likely that BTC will be trading beyond $31,000.

Ethereum

Ethereum (ETH) continued to climb higher, following its recent Shapella update, with price surging above $2,100.

Following a low of $1,987.05 on Thursday, ETH/USD moved to a peak of $2,126.32 earlier in today’s session.

As a result of today’s surge in price, the world’s second largest cryptocurrency hit its highest level since last May.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:ETHUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

The latest rally took place as bulls broke out of a key resistance level of $2,030, with the RSI crossing a hurdle of its own at the 72.00 mark.

Like with BTC, ETH’s RSI is also overbought, with the index at a reading of 75.29 at the time of writing.

A higher ceiling at 80.00 now awaits current bulls in the market.

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