After a brief rally on Thursday, crypto prices continued to fluctuate on Friday. Both bitcoin and ethereum were trading below $40,000, while ethereum traded at $3,000. Bitcoin traded at $40,000, and ethereum was trading near $3,000.
Bitcoin
Bitcoin (BTC) once again fell below the $40,000 level on Friday, following a short stint in the green during yesterday’s session.
The intraday peak for Bitcoin/USD was $40,269.47. On Thursday, it fell to $38,698.16.
As BTC failed to surpass resistance at $40,500, bullish momentum eased. This was probably due to traders closing their positions.
With the stock market in red now, one would first wonder how long it will last. Many are likely to target the $37.570 floor for an exit.
The chart also shows the 14 day RSI changing course. It is currently tracking just marginally lower than 43.
We could witness this momentum shift entice more bears into the market if price strength continues to decline beyond that point.
Ethereum
Bears, however, were already back in ethereum (ETH), as the world’s second largest cryptocurrency fell on Friday, following two days of gains.
Today’s ETH/USD low was $2,841.23, as prices traded below $3,000 for the third consecutive session.
Thursday’s ETH price surge reached a $2,973.13 peak, but these gains stopped when the ceiling of $2,950.00 was breached.
As this writing, ethereum has fallen by 1.08% and trades at $2872.80. Bears are likely to target a $2,780 floor.
If this floor is reached in the next few session, ETH would end the week at the same level as it began for the second consecutive week.
Crypto markets remain volatile overall, and some people attribute the uncertainty to the Fed’s upcoming rate increase decision.
Were we able to see the ethereum price rise above $3,000 by this weekend? Comment below to share your views.
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