Bitcoin was trading above $30,000 once again, as markets were anticipating the release of its May non-farm payrolls report. While BTC is back in the green, ETH continues to trade lower and remains below $1,800 as of writing.
Bitcoin
BTC was back in the green on Friday, following a price drop on Thursday, as traders prepare to issue a non-farm payroll report.
After adding 428,000 jobs in April, markets are expecting 325,000 jobs to be added to the US economy in May.
Speculation about what this number will mean for the market has helped BTC today, with the price rising to an intraday peak of $30,633.03.
This comes less than 24-hours after some expected price bounce back to the $28,800 support level, following an increase in bearish sentiment.
However, that sentiment has softened somewhat, and today’s price rally helped propel the 10-day and 25-day moving averages to an upward crossover.
Despite this, it will be interesting to see if bitcoin climbs any further highs today, as Friday’s peak hit a high of $30,600.
Ethereum
Although BTC was back in the green on Friday, the same could not be said for ETH, which went even lower in today’s session.
After Thursday’s move below $1,900, ETH/USD continued to decline, falling to an intraday low of $1,789.66 earlier today.
This is down about 1.3% from yesterday’s peak of $1,845.31, and it comes as the price continues to move closer to a new support point of $1,715.
Unlike Bitcoin, which rose in today’s session, ETH has yet to cross above its two moving averages, with a fair distance still between them.
Some now believe that we may see a drop towards this floor to $1,715, which was last hit on May 28, with the bulls choosing to enter there as the gap between the moving averages tightened. .
At the time of writing, ETH is trading at $1,795, however as we get closer to the NFP release, we may see some more price volatility.
Do you expect ETH to reach its support point by the end of this week? Give your thoughts in the comment below.
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