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Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000, BTC Down 6% to Start the Weekend

News Feed - 2022-05-14 11:05:26

Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000, BTC Down 6% to Start the Weekend


Following a strong rebound on Friday, crypto prices moved back into the red today, with BTC falling below $30,000 to start the weekend. ETH also moved lower, as its own price slipped below the $2,000 level during Saturday’s session. Bitcoin


On Saturday, bitcoin’s price fell below $30,000, as crypto bears returned to action to start the weekend.


Following a rise of nearly 10% during Friday’s session, BTC/USD fell to an intraday low of $28,860.79 earlier today.


Saturday’s decline comes after prices hit a peak of $30,924.80 yesterday, as LUNA appeared to have finally fallen into crypto irrelevancy. BTC/USD – Daily Chart


However, as LUNA spiked by almost 2,000% in today’s session, the volatility and general uncertainty in markets likely contributed to BTC’s selloff.


Looking at the chart, the 14-day RSI is now trading lower, as it fell to a bottom of 25, which is a floor that has not been broken since late January.


Should this change, then we will likely be looking at bitcoin trading closer to $25,000 in upcoming sessions.


Ethereum


The world’s second-largest cryptocurrency also moved lower to start the weekend, as ETH fell below $2,000 on Saturday.


ETH/USD dropped to a bottom of $1,964.65 on Saturday, which is around 7% lower than yesterday’s peak of $2,139.71.


As a result of today’s move, prices are now hovering close to a support level of $1,950, which was the starting point of Friday’s rally. ETH/USD – Daily Chart


Similar to BTC, the 14-day Relative Strength Index on the ethereum chart is also tracking around 25, which is its lowest point in over four months.


We have already seen prices of ETH fall to as low as $1,695 this week, and should the RSI continue to weaken, we might soon revisit these lows.


Overall, ETH is down over 26% in the last seven days, with BTC trading almost 20% lower in that same period. Tags in this story Analysis, Bitcoin, ETH, Ethereum, Technical Analysis


Could we see these support levels broken this weekend? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday MARKET UPDATES | 8 hours ago Biggest Movers: SHIB, DOT Nearly 30% Higher, as SOL Also Surges MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDespite the Low Price, Bitcoin’s Hashrate Remains Elevated as Difficulty Taps an All-Time High Next articleReport: Terra Founder Do Kwon’s Spouse Seeks Police Protection After the LUNA and UST Fallout Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


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