The weekend began with Ethereum falling below $3,000, as crypto prices plunged for the second day in a row. Bitcoin was also lower, giving up some of this week’s gains in the process.
Bitcoin
Bitcoin prices declined for the third session in a row after a rise to above $45,000 to begin the week. This was due to bullish pressure seeming to have eased.
The intraday high for BTC/USD was $41,892.20, after a record $43,810.83uring yesterday’s session.
After attempting to breach the $44,750 resistance on Thursday, bitcoin’s price strength has weakened, moving closer to oversold territory.
Following a record high of 65 two days ago, the Relative Strength Indice (RSI) currently tracks at 54.
Many believe that 54 seems like a temporary floor. They will continue to monitor the situation and wait for it to hold. If so, bulls could be attracted to open positions.
Even with the bearish mood surrounding the markets right now, the price momentum, particularly short-term still tends higher. BTC/USD is up marginally over the last seven trading days.
Bears are sure to continue testing this trend.
Ethereum
The decline of ethereum continued on Saturday, as the world’s second-largest cryptocurrency fell below its key support level.
ETH/USD plunged to an intraday low today of $2,888.66, marking the lowest price ETH saw since February 4.
As price strength falls into oversold territory following the eight-day Relative Strength Index Index’s breach of the 50-day neutral zone, this low marks the eighth day.
Recent momentum has seen ETH trade over 3% higher in the last 7 days. This wipes out large gains made throughout the week.
Could ETH move towards $2,600 support? Please leave your comments.
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