The prices of ETH/BTC were largely unchanged at the start of the weekend due to slow market activity, mainly because Easter was over. Price consolidation comes after a week of bearish pressure that sent the world’s two largest cryptocurrencies towards key support levels.
Bitcoin
Bitcoin trades marginally over the $40,000 threshold on Saturday. Markets remained calm due to the Easter break.
After a session low of $40,009.09, BTC/USD climbed to $40,618.84 intraday to begin the weekend.
This price consolidation is the result of a 2-week-long streak in which bitcoin lost close to $10,000.
Markets will typically consolidate following either a bearish or bullish trend in a short time span. This is because they are preparing for an extension or change in direction.
The chart shows that the 14-day RSI is still below 44 as a resistance, which appears to be what’s preventing a resurgence in BTC bulls.
We may experience further falls back to $39,600 if the current sentiment holds, before any extended gains.
Ethereum
ETH was also mainly unmoved during Saturday’s session, as the world’s second-largest cryptocurrency was tracking close to its price support.
Following a previous low of $3.001.12, ETH/USD rose marginally to a peak at $3.046.20 by the time this article was written.
This peak is around 0.49% higher than yesterday’s low, and sees price once again fail to make any significant gains following losses during the week.
The price of ETH has traded within the $3,000 support area on four occasions since the start of this year. Bulls tend to push prices higher.
We see no longer than two days consolidation on occasions where price traded at the current level. This is usually before we experience a rally.
At the time of writing, prices were currently experiencing second-day consolidation. That could encourage bulls to consider Sunday entry.
Were we able to witness history being repeated this weekend for the good of ETH bulls. Comment below to share your views.
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