Ethereum Bulls aim for $1,800 this weekend

Ethereum hit a new three-week high in early trading on Saturday, but gains have tapered off as the day has progressed. The token continues to trade above $1,700 as market sentiment remains bullish. Bitcoin had a similar day, with the token slowly losing steam after failing to break through a key resistance level.

Bitcoin

Bitcoin continued to trade above $21,000 on Saturday, but yesterday’s bullish momentum faded slightly. BTC hit a high of $21,613.86 earlier in today’s session, but prices then fell to an intraday low of $20,651.06.

The drop came as the token was unable to break through its $21,600 resistance point as bears fought the move.

Looking at the chart, the decline comes as the 14-day relative strength index (RSI) appears to be colliding with a clean resistance level at 55.40.

At the time of writing, bitcoin is trading at $21,356.34 as momentum slowly returns. However, until the RSI breaks through the aforementioned ceiling, we won’t see any further upside.

In addition, the 10-day moving average (red) is now about to cross its 25-day counterpart (blue). This could be another catalyst for further gains in price.

Ethereum

Ethereum was mostly up to start the weekend, as the token broke through a resistance level of its own. On Saturday, the world’s second-largest token hit a high of $1,739.43. This occurred as prices broke through a ceiling of $1,700.

There have been a few declines since the earlier high. ETH is currently trading at $1,721.15.

As with bitcoin, it appears that the bulls chose to close out previous positions and secure profits as market uncertainty increased. From the chart, it appears that the 14-day RSI has played a role in this volatility, with the index holding at 58.00, which is close to a ceiling of 60.00.

The bulls continue to target $1,800, but to reach that point, price strength will have to overcome its next hurdle.