As LUNA’s life support was all but switched off on Friday, BTC and ETH rallied, with prices climbing by as much as 10%. Today’s price surge saw bitcoin climb above $30,000, with ETH once again trading above its $2,000 level.
Bitcoin
Bitcoin rebounded and was trading higher in today’s session, as markets recovered a bit from sell-offs earlier in the week.
Following a streak which saw it fall for seven of the last eight days, the world’s largest cryptocurrency was firmly in the green on Friday.
BTC/USD rose to an intraday high of $30,921.27 earlier in today’s session, with prices up by as much as 10% at the height of the rally.
Today’s surge comes after prices almost fell below $26,000 during yesterday’s stretch, which was the lowest level for BTC since late 2020.
Looking at the chart, it seems as though a price floor has been found, with the $28,860 point acting as a support, and it was at this level where today’s rally commenced.
As of writing, we are now trading at $30,727.01, which is 8.75% higher than yesterday’s low, with some bulls likely targeting a ceiling of $32,500 as an exit point.
Ethereum
ETH also moved away from multi-month lows on Friday, as prices were once again trading above the $2,000 level.
Following a low of $1,874.51 during Thursday’s session, the world’s second-largest token was up over 10% today, hitting a high of $2,128.34.
Similar to BTC, ethereum seemed to have found a floor of its own, using the $1,950 floor as a springboard to today’s rally.
Despite this surge in price, ETH/USD is still oversold, and is tracking around the 33 level, which is also a long-term resistance point.
Should this ceiling be broken, we might see bulls looking to move towards the $2,350 point, a level which some see as a ceiling in its own right.
Overall, ETH is still down over 20% in the last seven days, with BTC trading 15% lower in that same period.
Will these latest support points hold firm this weekend? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
