Bitcoin, Ethereum Technical Analysis: ETH Lower, as Markets Await Nonfarm Payrolls Report

Ethereum was marginally lower on Dec. 6, as markets prepared for this afternoon’s nonfarm payrolls report. December’s report is set to show an addition of 200,000 jobs to the U.S. economy, which would be down from November’s figure of 263,000. Bitcoin was also slightly down ahead of the release.

Bitcoin

Bitcoin (BTC) continued to hover slightly under the $17,000 level on Friday, as markets consolidated ahead of the latest U.S. nonfarm payrolls (NFP).

Today’s report is expected to show an addition of 200,000 jobs to the economy, lower than the previous figure for November which came in at 263,000.

Ahead of the data release, BTC/USD fell to a low of $16,738.90 in today’s session, moving below a key support level of $16,800 in the process.

Looking at the chart, today’s decline comes as the 14-day relative strength index (RSI) continues to slip, after failing to break out of a ceiling at 51.00.

As of writing, the index is tracking at 47.24, and seems to be heading towards a support point of 43.00.

Momentum could still shift, should a stronger than expected NFP number get released, which could prompt the 10-day (red) moving average to move closer towards its 25-day (blue) counterpart.

Ethereum

Ethereum (ETH) was also marginally lower on Friday, as prices attempted to remain above a key support point.

Following a high of $1,255.42 on Thursday, ETH/USD fell to a bottom of $1,242.63 earlier in today’s session.

ETH managed to remain above its recent price floor of $1,230 despite today’s decline, which could still be broken, depending on the NFP number.

As can be seen from the chart, the 10-day (red) and 25-day (blue) moving averages continue to move closer, with an upwards crossover very likely.

Should such a move occur, the RSI will also need to move higher, and possibly break out of its current ceiling at the 57.00 mark.

This will also certainly increase the chances of ethereum climbing back above the $1,300 resistance point.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect cryptocurrencies to rally after today’s report? Leave your thoughts in the comments below.