Following recent back-to-back surges in price, both ETH and BTC were down during Friday’s session. Bitcoin dropped by nearly 5%, while ETH fell by a similar amount, both falling back to levels of support.
Bitcoin
After a strong rebound in prices mid-week, the world’s largest cryptocurrency was trading lower on Friday, as BTC fell to its support level.
Following a peak of $42,699.87 during Thursday’s session, BTC/USD fell to an intraday low of $40,063.83 earlier today.
This was marginally below the long-term floor of $40,100 for bitcoin, and comes as prices failed to break out of yesterday’s resistance at $42,700.
Although the breakout was very near, historical resistance held strong, and bulls gave way to a bearish assault.
The price strength turned into weakness as well, with the 14 day RSI failing its resistance of 48.77.
This indicator trades at a level of 42.85 as of this writing. If this level breaks, we may be in for a big red wave this weekend.
Ethereum
The Red Wave may already have started in the eyes ETH bulls as prices again dropped below support level of $3,000.
Even though prices rose as much as $3,187.93 in the past 24 hours, today’s low for ETH/USD was $2,962.41.
The world’s second-largest cryptocurrency moved below its long-term floor of $3,000 as a result, as prices once again consolidated.
Markets were expecting a bullish run yesterday. Traders are targeting $3,300 and the optimistic looking at a $3,000.500 ceiling.
ETH, like bitcoin, failed to overcome resistance as bears flooded the market at the $3150 ceiling in large numbers.
As a result of today’s drop, the 14-day RSI is also tracking at support, which means we could still see either an extension of today’s fall, or a rebound in price to begin the weekend tomorrow.
Is it possible that ETH and BTC will continue to consolidate through April? Comment below to share your views.
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