• Ethereum (ETH) was marginally lower on Dec. 6, as markets prepared for the U.S. nonfarm payrolls (NFP) report.
• Bitcoin (BTC) also declined ahead of the report, falling to a low of $16,738.90.
• ETH managed to remain above its recent price floor of $1,230 despite today’s decline.
As investors around the world prepared for the highly anticipated U.S. nonfarm payrolls (NFP) report, both Bitcoin (BTC) and Ethereum (ETH) experienced minor price declines. On Dec. 6, BTC fell to a low of $16,738.90 as the markets awaited the results of the report, which is expected to show an addition of 200,000 jobs to the U.S. economy, down from November’s figure of 263,000. Ethereum was also slightly lower on the day, bottoming out at $1,242.63, although it managed to remain above the important support level of $1,230.
Looking at the Bitcoin (BTC) chart, 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, however, 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.
The Ethereum (ETH) chart is also showing a similar trend, with the 10-day (red) and 25-day (blue) moving averages continuing to move in opposite directions. However, the long-term outlook for ETH remains positive, with the coin’s price staying above the key support level of $1,230. This suggests that the coin could still experience an upside in the near future, depending on the outcome of the NFP report.
Overall, the markets are expecting a slightly weaker NFP report this month, with an addition of 200,000 jobs to the economy. Should the actual figure come in lower than this, it is likely that both Bitcoin and Ethereum could experience further price declines. However, if the report comes in better than expected, then the two coins could experience a rally as investors look to capitalize on the positive news. Either way, the report will be a key factor in determining the short-term price movements of both coins.