Ethereum was once again nearing a breakout of its $1,200 level, as bearish sentiment returned to start the weekend. Following price rebounds on Friday, cryptocurrency markets were back in the red, and are trading 0.68% lower as of writing. Bitcoin also slipped in today’s session.
Bitcoin (BTC) was once again trading lower to start the weekend, as the token moved back towards a recent price floor.
BTC/USD fell to an intraday low of $16,564.61 in today’s session, which comes less than a day after hitting a high of $16,795.20.
The move sees BTC move closer to this week’s support point of $16,000, which has been in place since the FTX collapse.
Looking at the chart, today’s drop in price comes as a hurdle was hit on the 14-day relative strength index (RSI).
This wall of 38.00 on the indicator has seemingly prevented bulls from recapturing the $17,000 mark, and in turn opened the door to a bearish reentry.
Should Saturday’s bearish momentum continue to intensify throughout the course of the weekend, BTC will likely edge closer to $16,000.
Following a high of $1,222.20 on Friday, the world’s second largest cryptocurrency dropped to a low of $1,200.48 earlier today.
The move came as ETH/USD fell below a recent ceiling of resistance at $1,220, with bulls now fighting to reject any further declines.
As of writing, ETH is trading at $1,209.44, as traders have so far rejected a drop below $1,200.
This is due to two things, first the 10-day (red) moving average has begun to trend upwards, which has brought back a level of bullish sentiment to the token.
In addition to this, the 14-day relative strength index (RSI) continues to track above a key floor of 37.75, which appears to be a major reason why we haven’t seen any further significant sell-offs.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see ethereum fall below $1,200 this weekend? Leave your thoughts in the comments below.
This article is strictly 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. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.
#Bitcoin #Cryptocurrency #Crypto