ETH Lower as Markets Await Non-Farm Payrolls Report – Market Updates

Ethereum traded marginally lower on December 6 as markets prepared for this afternoon's nonfarm payrolls report. The December report is expected to show a gain of 200,000 jobs in the U.S. economy, down from 263,000 in November. Bitcoin was also slightly down before the release.

Bitcoin

Bitcoin ( Bitcoin ) continued to hover slightly below the $17,000 level on Friday as markets consolidated ahead of the latest US jobs data (NFP).

Today's report is expected to show a gain of 200,000 jobs in the economy, less than the previous figure for November which was 263,000.

Before publishing the data, Bitcoin /USD fell to a low of $16,738.90 in today's session, moving below a key support level of $16,800.

Looking at the chart, today's decline comes as the 14-day Relative Strength Index (RSI) continues to slide after failing to break above a ceiling of 51.00.

As of this writing, the index is trading at 47.24 and appears to be heading towards a support point of 43.00.

Should a stronger than expected NFP number be released, the momentum could still shift, which could result in the 10-day moving average (red) moving closer to its 25-day counterpart (blue).

ether

ether ( ETH ) was also marginally lower on Friday as prices tried to stay above a key support point.

After hitting a high of $1,255.42 on Thursday ETH /USD fell to a low of $1,242.63 earlier in today's session.

ETH managed to stay 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 converge, with an upward crossover highly likely.

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

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

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

Eliman Damell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. He currently serves as a commentator on various asset classes including crypto, stocks and forex.

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