After earlier gains, Ethereum fell below $1,500 Friday as the cryptocurrency markets plummeted. Bitcoin was also in the red in today’s session, as the token moved closer to a breakout below $20,000. As of today, global crypto market caps are down by 1.90%.
Bitcoin
Bitcoin (BTC), which fell for the second day in a row on Friday as bullish sentiment continued its decline.
Following a peak of $21,022 on Wednesday, BTC/USD dropped in back-to-back sessions, with today’s decline sending the price to a low of $20,086.07.
Today’s slip in bitcoin comes as USD continued to gain strength, following yesterday’s better-than-expected Q3 GDP figures, which came in at 2.6%.
A stronger dollar has been accompanied by a shift in momentum, which is due to the failure of a major ceiling within relative strength index (RSI) to be broken.
After failing to overcome resistance at 66.00, index traded lower and is currently trading at 56.82.
Now, the 10-day (red), 25-day and 30-day moving averages appear to be slowing their progress. That could result in further falls in prices.
Ethereum
In addition to BTC, ethereum (ETH) also slipped in today’s session, moving below the $1,500 level in the process.
The intraday plunge in ETH/USD came less than 24 hours after the market closed at $1,572.24.
ETH has been moving in the right direction since breaking through the $1,590 key price point earlier in the week. Bears are slowly reentering the market.
Like with bitcoin, hump-day’s high pushed price strength into overbought territory, which gave way to giving bears an opportunity to resurface.
But, like BTC, momentum for the moving averages of ethereum is higher than ever.
This could signal a rebound in the price of crypto.
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Is it possible that there will be further gains in the ethereum market this weekend? Please leave your comments.
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