ETH Surge, Following Latest Jobs Report – Bitcoin News Market Updates

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Ethereum was back above $1,600 on Friday as markets reacted to the latest Nonfarm Payrolls (NFP) report. Figures released today showed that 315,000 jobs were added to the US economy, better than the 300,000 expected. Bitcoin was slightly higher as the token continued to trade above $20,000.

Bitcoin

Bitcoin (BTC) was trading above $20,000 on Friday as markets reacted to the latest monthly jobs report.

Payrolls last month were 315,000, higher than the consensus estimate of 300,000.

Following the report, BTC/USD hit an intraday high of $20,247.13, which comes less than a day after hitting a low of $19,653.97.

BTC/USD – Daily Chart

Looking at the chart, the surge brings bitcoin closer to its recent resistance level of $20,600 as market uncertainty has eased somewhat.

Prices mostly consolidated this week ahead of today’s release as traders anticipated the penultimate Nonfarm Payrolls (NFP) report for the third quarter.

Many now expect the U.S. job market to slow in the fourth quarter as an inflation-fueled recession is forecast.

Ethereum

In addition to BTC, Ethereum (ETH) was also higher in today’s session as the token rallied back above $1,600.

As of this writing, the world’s second-largest cryptocurrency hit an intraday high of $1,648, climbing for a third straight day in the process.

Today’s rise sees ETH hit its strongest point in nine days, breaking through an interim high of $1,630.

ETH/USD – Daily Chart

Earlier declines have now eased as profit takers opted to exit positions rather than keep trades open.

It may also be due to the Relative Strength Index (RSI) hitting its own high at 49.80.

Should the Ethereum bulls attempt to drive prices even higher, we will likely have to see this hurdle overcome.

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Do you expect Ethereum to hit $1,700 next weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having worked as a brokerage manager, retail educator, and market commentator in crypto, stocks, and FX.




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