Following Russia’s invasion of Ukraine, volatility in bitcoin and ethereum prices intensified, with both falling to one-month lows on Thursday. These lows have been surpassed by both bitcoin and ethereum prices today in what seems to be temporal consolidation.
Bitcoin
At the time of writing, crypto markets were up more than 7% Friday with bitcoin trading at 8% above its average heading into Saturday.
This comes following a low of $34,997.01 yesterday, with BTC/USD hitting an intraday high of $38,968.84 earlier in today’s session.
Friday’s move sees BTC momentarily rebound, and edge closer to the key $40,000 level, which it hasn’t hit since the beginning of the week.
The chart shows that the 14-day RSI also slowed down slightly and is now consolidating under the 43.8 resistance.
Market uncertainty will continue so long as prices are between the ceiling of $39,000.640 and floor $37.240.
The current mood seems more bearish as the 10-day moving mean continues to trend down.
Ethereum
The price of ETH was also marginally higher, as bulls seem reluctant to let the world’s second largest cryptocurrency fall below its long-term support.
As of writing, ETH/USD is trading 9.20% higher, after rising to a peak of $2,689.05, following Thursday’s intraday low of $2,341.72.
Also, price strength increased, with the 14day RSI moving beyond its previous resistance level at 39.60 to track at 40.80.
ETH moved slightly above a $2,550 higher support following the move. This level has been the site of several bull runs.
Despite this, traders are likely to remain cautious, as many fear that Russia’s invasion of Ukraine will only worsen, leading to investors taking a risk-off approach.
What do you think about ETH’s potential decline heading into weekend? Comment below to share your views.
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