Ethereum bounced back above $1,600 on Friday, as markets reacted to the recent non-farm payrolls (NFP) report. Data released today showed that 315,000 jobs were added to the US economy, which was 300,000 more than expected. Bitcoin was slightly higher as the token continued to trade above $20,000.
Bitcoin
Bitcoin (BTC) traded above $20,000 on Friday, as markets reacted to the latest monthly jobs report.
Last month’s payrolls came in at 315,000, beating the consensus estimate of 300,000.
BTC/USD rose to $20,247.13 after the report, which comes less than a day after hitting a low of $19,653.97.
Looking at the chart, the rally will soon push Bitcoin towards the $20,600 resistance level as market uncertainty eases somewhat.
Prices have mostly strengthened this week as traders await the Q3 non-farm payrolls (NFP) report, ahead of today’s release.
Many now expect that the labor market in the United States will decrease in Q4, because it predicts a recession led by inflation.
Ethereum
Apart from BTC, ethereum (ETH) was also higher in today’s session as the token rose above $1,600.
As of writing, the price of the world’s second-largest cryptocurrency ran at $1,648 on the day, rising for a third straight day in the process.
Today’s breakout saw ETH hit its strongest point in 9 days, breaking out of a temporary ceiling of $1,630 in the process.
Earlier declines have now eased as profit-seekers have opted to leave their positions rather than keep businesses open.
This may be due to the fact that the relative strength index (RSI) has collided with its own ceiling at 49.80.
If the ethereum bulls try to push prices higher, we should see this barrier breached.
Register your email here to have weekly price analysis delivered to your inbox:
Do you expect ethereum to reach $1,700 this coming weekend? Leave your thoughts in the comments below.
Image credits: Shutterstock, Pixabay, Wiki Commons
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.