Bitcoin, Ethereum Technical Analysis: BTC and ETH are up after the US nonfarm payrolls report

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On Dec. 2, Ethereum prices held close to a multi-week high as they drew nearer to the $1,300 mark. The latest U.S. nonfarm payrolls report revealed that 263,000 jobs were added to the country’s economy at the same time as this. Markets had anticipated a result of 200,000. Prior to the data being released, the price of bitcoin was over $17,000.

Bitcoin

Following today’s U.S. nonfarm payrolls (NFP) report, Bitcoin (BTC) was once more trading above the $17,000 mark.

The economy of the United States was predicted to have added 200,000 jobs today, which would have been less than the 260,000 jobs added in October. However, the figures, at a level of 263,000, were better than anticipated.

Prior to the news, BTC/USD reached a high of $17,197.50, less than a day after values hit a low of $16,888.39.
btcusd 2022 12 02 13 24 41 dcd95 768x424 1

BTC/USD – Daily Chart

The chart shows that the rally began when prices passed a significant resistance level of $16,800 and the relative strength index (RSI) was also approaching a ceiling.

The key barrier preventing prices from extending earlier gains appears to be the resistance level of 50.00, which the index is currently tracking at 48.68, just below.

Despite this, bulls will remain upbeat because the 10-day (red) moving average is almost ready to cross over to the upside with its 25-day (blue) counterpart.

Ethereum
As with BTC, ethereum (ETH) increased on Friday as it continued to trade near the $1,300 level.

ETH/USD quickly climbed to an intraday high of $1,293.11 earlier in today’s session after hitting a low of $1,267.71 on Thursday.

The second-largest cryptocurrency in the world is moving near to its recent resistance level of $1,300 on Friday, but the commodity has so far been unable to go over this level.

ethusd 2022 12 02 13 38 02 3f313 768x424 1

ETH/USD – Daily Chart

This is true even though it seems like the 10-day moving average (red) has just just crossed over the 25-day moving average (blue) counterpart.

ETH will likely climb beyond the $1,300 mark and proceed towards a higher ceiling of $1,390 should this crossing move ahead in an upward way.

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