Ethereum fell slightly on December 6 as the market prepares for this afternoon’s nonfarm payrolls report.The December report is set to show 200,000 jobs added to the US economy which would be down from November’s figure of 263,000. Bitcoin also fell slightly before the announcement.
Bitcoin (BTC) continued to hover slightly at the $17,000 level on Friday as the market consolidated ahead of the latest US nonfarm payrolls (NFP) number.
Today’s report is expected to show 200,000 jobs added to the economy, lower than the previous November figure of 263,000.
Ahead of the data release,. the BTC’s/USD fell to a low of $16,738.90 in today’s session, moving below the key support level of $16,800 in the process.
The chart shows that today’s decline is attributed to the 14-day Relative Strength Index (RSI) failing to break out of its 51.00 ceiling and continuing to fall.
As of this writing, the index is hovering at 47.24 and appears to be headed for a support point at 43.00.
Momentum could still change if NFP is released with stronger than expected numbers, and the 10-day (red) moving average could move closer to the 25-day (blue).
Ethereum (ETH) also declined slightly on Friday as the price tried to remain above a key support point.
Following Thursday’s high of $1,255.42,ETHalso rose, with ETH47} ETH/USD falling to a bottom of $1,242.63 earlier in the session today.
ETHmanaged to hold its recent price floor of $1,230 despite today’s decline, but could still be broken depending on NFP numbers.
As you can see from the chart, the 10-day (red) and 25-day (blue) moving averages continue to close in, making an upward crossing very likely.
If such a move occurs, the RSI should also rise and could break out of the current ceiling at the 57.00 mark.
This would also certainly increase the chances of Ethereum rising back above the $1300 resistance point.
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