ETH Nears $1,230 Resistance, After Strong US GDP Data – Bitcoin Planet Market News

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Ethereum edged closer to a key resistance level of $1,230 on Dec. 23 as markets continued to react to better-than-expected US GDP data. Gross domestic product in the United States was revised up to 3.2%, better than the 2.9% expected. Bitcoin mostly consolidated during today’s session, with prices trading near $16,800.

Bitcoin

Bitcoin (BTC) was consolidating again on Friday as markets continued to react to the latest third-quarter US GDP numbers.

After a low of $16,592.41 on Thursday, BTC/USD was slightly higher, with prices reaching a high of $16,880.87 in today’s session.

The surge in price pushed BTC above a key resistance point of $16,800 as bulls once again attempted to retake the $17,000 mark.

BTC/USD – Daily Chart

As the chart shows, the recent price uncertainty comes as the 14-day Relative Strength Index (RSI) remains near a low at 45.00.

Sentiment also looks uncertain following a recent cross between the red 10-day moving average and its 25-day counterpart (blue).

If this downtrend continues, we could see BTC trading near $16,000 over the Christmas weekend.

Ethereum

Ethereum (ETH) was slightly higher to end the week, with prices approaching a key resistance level earlier in the day.

ETH/USD hit an intraday high of $1,224.21 during Friday’s session, less than 24 hours after hovering at $1,187.13.

Today’s move sees ETH bulls again attempt to break out of the long-term resistance level of $1,230.

ETH/USD – Daily Chart

Looking at the chart, the 14-day RSI is now rallying above a resistance point at 47.00 and following at 47.92, with the next high visible at 52.00.

For the bulls to continue pushing Ethereum higher, price strength will likely need to increase towards this upcoming resistance at 52.00.

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Do you expect Ethereum to be above $1,230 before Christmas? Leave your thoughts in the comments below.

Elie Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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