Ethereum entered the month of July in the green, as price traded at a two-month high to start the weekend. Markets moved to rebound on Saturday, after better than expected consumer sentiment data in the United Stated spooked traders. Bitcoin also rebounded, after falling below $30,000 on Friday.
Bitcoin
After falling below the $30,000 level during Friday’s session, bitcoin (BTC) rebounded on Saturday, however sentiment was still somewhat bearish.
Following a high of $31,093.98 on Friday, BTC/USD dropped to an intraday low at $29,600.28 as the session progressed.
However, the price is now trading at $30,444.75, as bulls moved to buy the dip, pushing BTC higher to start the weekend.
As per the chart, the rebound came as the relative strength index (RSI) found a floor at the 63.00 mark.
The index is now tracking at 65.64, and seems to be heading for a resistance point around the 70.00 level.
A collision with this target will likely result in bitcoin once again moving above $31,000.
Ethereum
On the other hand, ethereum (ETH) was largely bullish to start the weekend, with price surging to a two-month high.
ETH/USD has peaked at $1,945.27 so far on Saturday, which comes a day after falling to a low at $1,831.28.
As a result of this rally, the world’s second largest cryptocurrency jumped to its strongest point since May 6.
One of the reasons for this move was a breakout, which saw the RSI move past a ceiling at the 58.00 point.
As of writing, it appears that this break may have been false, and the index is now at a reading of 58.17, giving up earlier gains.
ETH is now trading at $1,914.81.
Register your email here to get weekly price analysis updates sent to your inbox:
Will ethereum move beyond $2,000 in July? Leave your thoughts in the comments below.
