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 during 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.
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.
Recent momentum has meant that ETH is trading over 3% lower in the last seven days, wiping out sizable gains made during the week.
Could ETH be moving towards support of $2,600? Leave your thoughts in the comments below.
Check live crypto rates here
Start trading today – See our list of exchanges
Having read this I thought it was very informative. I appreciate you taking the time and effort to put this article together. I once again find myself spending way to much time both reading and commenting. But so what, it was still worth it!
I would like to thnkx for the efforts you have put in writing this blog. I am hoping the same high-grade blog post from you in the upcoming as well. In fact your creative writing abilities has inspired me to get my own blog now. Really the blogging is spreading its wings quickly. Your write up is a good example of it.
You really make it seem so easy with your presentation but I find this topic to be really something which I think I would never understand. It seems too complicated and very broad for me. I am looking forward for your next post, I will try to get the hang of it!
My coder is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the costs. But he’s tryiong none the less. I’ve been using Movable-type on various websites for about a year and am worried about switching to another platform. I have heard fantastic things about blogengine.net. Is there a way I can import all my wordpress content into it? Any kind of help would be really appreciated!