Bitcoin, Ethereum Technical Analysis: BTC Moves to 5-Month High, as ETH Nears $1,700

Bitcoin surged to a five-month high to start the weekend, as bullish sentiment returned to cryptocurrency markets. Prices of the world’s largest digital currency rose above $23,000, rebounding from a recent drop towards $20,000. Ethereum also rallied, as it hit its strongest point since September.

Bitcoin

Bitcoin (BTC) raced past the $23,000 level to start the weekend, with prices climbing to a multi-month high.

Following a low of $20,961.21 on Friday, BTC/USD climbed to an intraday peak of $23,249.89 earlier today.

Today’s rally saw bitcoin jump to its highest level since August 24, when price at the time was trading at a top of $23,600.

BTC/USD – Daily Chart

As can be seen from the chart, the move comes as the 14-day relative strength index (RSI) moved back towards a ceiling of 90.00.

Currently, the index is at the 86.30 level, with earlier gains somewhat fading, as traders move to secure profits.

As of writing, BTC is trading at $22,902.03, which is still roughly 9.27% higher than yesterday’s low.

Ethereum

Like bitcoin, ethereum (ETH) also surged on Saturday, as it climbed to its highest mark in the last four months.

ETH/USD hit a high of $1,674.18 earlier in the day, which comes following a bottom of $1,550.03 on Friday.

As a result of the move, ethereum recaptured a high not seen since September 13, which is the last time it traded over $1,700.

ETH/USD – Daily Chart

Although prices are currently below this threshold, the resurgence of bullish momentum on Saturday could lead to further surges this weekend.

The surge has pushed the 10-day (red) moving average back into an uptrend, extending its distance from its 25-day (blue) counterpart.

Overall, ethereum is up 6.28% as of writing.

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