ETH Approaches $1,500 Level To Start Weekend – Market Updates Bitcoin News
Ethereum neared a breakout below $1,500 to start the weekend, pushing prices closer to one-month lows. Overall sentiment remained largely bearish, with the global cryptocurrency market cap trading 0.96% lower at time of writing. Bitcoin also edged lower, with prices staying below $22,000.
Bitcoin
Bitcoin (BTC) continued its downward slide on Saturday, as prices continued to hover near a three-week low.
After a high of $21,919.33 on Friday, BTC/USD bottomed out at a low of $21,539.39 earlier in the day.
This drop means that the world’s largest cryptocurrency continues to trade near its lowest point since January 20.
Looking at the chart, prices have since rebounded, which comes as the 14-day Relative Strength Index (RSI) moved away from a recent floor of 42.00
At the time of writing, the index is following at 46.35, with the next visible resistance level at 50.00.
However, momentum appears to be largely bearish, with the 10-day (red) moving average (MA) nearing a bearish cross with its 25-day (blue) counterpart.
Ethereum
Etheruem (ETH) fell deeper into bearish territory on Saturday, nearing a one-month low in the process.
ETH/USD fell to an intraday low of $1,504.83 to start the weekend, which comes after it failed to hold above a temporary floor of $1,550.
As a result of today’s drop, ethereum was trading at its weakest point since mid-January, when it fell to a low of $1,449.
As with bitcoin, this recent shift in sentiment has pushed the moving average lower, with the 10-day (MA) losing all previous upward momentum.
In addition to this, the RSI continues to track below a support point of 47.00, instead hovering at a six-week low of 45.43.
At the time of writing, ETH is slightly higher, currently tracking $1,523.17, but if it fails to climb beyond the 47.00 zone, prices could go lower.
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What is behind this recent shift in market momentum? Leave your thoughts in the comments below.
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