Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,000 to Start the Weekend
Ethereum dropped below $3,000 to start the weekend, as cryptocurrency prices fell for a second consecutive day. Bitcoin was also lower, giving up some of this week’s gains in the process. Bitcoin
Following a surge to a high above $45,000 to start the week, bitcoin prices fell for a third straight session, as bullish pressure seems to have calmed.
BTC/USD fell to an intraday low of $41,892.20 on Saturday, following a peak of $43,810.83 d uring yesterday’s session.
After attempting to breach the $44,750 resistance on Thursday, bitcoin’s price strength has weakened, moving closer to oversold territory.
The 14-day Relative Strength Index (RSI) is currently tracking at 54, following a high of 65 only 2-days ago. BTC/USD – Daily Chart
This level of 54 appears to be a short-term floor, leading many to wait and see if it holds, which could then entice bulls to maintain open positions.
Despite the current bearish sentiment surrounding markets, price momentum, especially short-term, still trends higher, with BTC/USD still marginally up in the last seven days.
Bears will certainly continue to test this trend.
Ethereum
The decline of ethereum continued on Saturday, as the world’s second-largest cryptocurrency fell below its key support level.
ETH/USD fell to an intraday low of $2,888.66 today, which is the lowest price ETH has seen since February 4.
This eight-day low comes as price strength fell into oversold territory, breaking below the neutral zone of 50 on the 14-day Relative Strength Index. ETH/USD – Daily Chart
Recent momentum has meant that ETH is trading over 3% lower in the last seven days, wiping out sizable gains made during the week. Tags in this story Bitcoin, Ethereum, Technical Analysis
Could ETH be moving towards support of $2,600? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030 MARKETS AND PRICES | 2 days ago JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead MARKETS AND PRICES | 2 days ago
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