Bitcoin was below $40,000 for the first weekend of this week, while crypto markets were still being submerged in the latest red waves. ETH also fell on Saturday and remained below $40,000 for a second session.
Bitcoin
BTC was below $40,000 at the start of the weekend following a three day losing streak that pushed the price to new multiweek lows.
Following a peak of $40,524.76 on Friday, the world’s largest cryptocurrency fell to a low of $39,315.42 earlier today.
The move was less than 48 hours away from BTC/USD trading above the resistance level of $42,500. On the other hand, prices moved towards support after a false breakout.
Support point for this event is the floor at $39500, which was where bitcoin began trading earlier this week before it’s initial rally midweek.
Ultimately, today’s return to support has been a perfect encapsulation of the current volatility within crypto markets this week, and April in general, where we have mainly seen consolidation.
In addition to this, the 14-day RSI is now tracking at 40.5 which is an area where bullish momentum typically picks up — as such, the possibility of a rebound remains high.
Ethereum
ETH prices were lower than usual for the fourth consecutive session. Prices traded at or below the $3,000 support.
As of writing, today’s low sees ETH/USD fall to a bottom of $2,926.74, which comes after a high of $3,007.41 yesterday.
Since this low, which broke past support of $2,950, the world’s second-largest cryptocurrency moved marginally higher, as bulls re-entered.
ETH is trading now at $2963.86. This has been a pattern.
Looking at the chart, the RSI indicator is also hovering close to its own support of 43.50, however if this strength turns to weakness, there could be an even bigger drop in ethereum’s price.
This weekend will be filled with uncertainty as bulls and Bears keep jockeying for position.
Are you expecting ETH to drop further this weekend, or are there other factors? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.
