ETH Remains Above $2,100 To Start Weekend – Market Updates Bitcoin News
Ethereum held above $2,100 to start the weekend, despite crypto markets moving into consolidation. After this week’s rally, traders have apparently started to hedge, with the global market cap down 0.52% at the time of writing. Bitcoin has fallen below yesterday’s peak above $31,000.
Bitcoin
Bitcoin (BTC) moved back below the $31,000 level on Saturday as cryptocurrency markets consolidated to start the weekend.
After a high of $31,005.61 on Friday, BTC/USD fell to a low of $30,044.50 earlier in today’s session.
Yesterday’s peak saw bitcoin climb to its highest level since June 7, apparently prompting bulls to lock in gains.
Looking at the chart, the price decline comes as the 14-day relative strength index (RSI) collided with a ceiling of 71.00.
At the time of writing, the index now follows 70.18, which is marginally higher than a floor of 68.00.
In the event that the RSI falls below 70.00, there is a good chance that even more bulls may exit previous positions to protect recent gains.
Ethereum
Although relatively lower than Friday’s high, ethereum (ETH) remained above $2,100 so far in Saturday’s session.
ETH/USD fell to an intraday low of $2,049.08 earlier in the day, but has since recovered and is currently trading at $2,103.18.
This is marginally lower than yesterday’s high of $2,120.59, which saw ETH trade at its strongest point since last May.
Like bitcoin, ethereum, which is the world’s second largest cryptocurrency, has collided with a ceiling on the RSI indicator.
The aforementioned resistance point of 75.00 was hit on Friday, with the index now at 74.88.
Should ethereum bulls move beyond this point, there is a possibility that prices could move closer to $2,200 this weekend.
Register your email here to get weekly price analysis updates delivered to your inbox:
Could Ethereum fall below $2000 this weekend? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
![Analysis of the challenges Dogecoin [DOGE] may face trying to break away from Bitcoin [BTC]](https://www.cryptoproductivity.org/wp-content/uploads/2022/07/finance-g967cce187_1280-1000x600-120x120.jpg "Analysis of the challenges Dogecoin [DOGE] may face trying to break away from Bitcoin [BTC]")
