Ethereum approached $1,400 on Thursday as the token recovered from yesterday’s selloff. His second-largest cryptocurrency in the world surged to its highest level in almost a decade during today’s session as the market was slightly higher. Bitcoin has traded above $20,000 again.
Bitcoin
Bitcoin (BTC) rallied above $20,000 again on Thursday, with the market boosted by a better-than-expected number of private employment.
Ahead of tomorrow’s non-farm payrolls report, the ADP’s private sector employment stood at 208,000, more than the market of 200,000 had expected.
Following the report, BTC/USD surged to a high of $20,408.39, but stayed near a three-week high of $20,545.
Looking at the chart, today’s rally is pushing the momentum of the 10-day moving average (red) and the trendline is approaching an upward cross with the 25-day moving average (blue).
At the time of writing, BTC is currently trading just below the long-term support level of $20,300, which is above the currency’s upper limit of 55.60 since Sept. 13.
Ethereum
Ethereum (ETH) surged to a 10-day high in today’s session as the bulls continued to push the price towards $1,400.
After he hit a low of $1,320.86 on Wednesday, ETH/USD surged to a high of $1,380.40 at the start of today’s session.
This is the strongest point a token has traded since Sept. 27, and also the last time Ethereum traded above $1,400.
At the time of writing, the ETH bulls have given up some of their previous gains and the token is currently trading at $1,368.
The drop has started as the RSI collides with the 47.00 resistance that has been set since his mid-September.
When this obstacle is finally overcome, his second largest crypto token in the world could exceed $1,400.
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