ETH was marginally higher during Friday’s session, as it moved away from its recent support level around $3,145. BTC was largely consolidated today. Prices traded around the $43,000 mark.
Bitcoin
BTC fell for the fourth consecutive session on Friday, and prices continued to fall throughout this week.
Following a low of $42,899.91 during Thursday’s session, BTC/USD dropped below this point, hitting a bottom of $42,884.58 today.
BTC continues to trade at a close two-week low. However, the $42,500 floor remains in place.
If we breach this level, the price may fall to as low $40,600. That seems like it could become the next support area, after the current one.
As you can see, the BTC short-term momentum is shifting. The 10-day moving average has moved downwards.
The RSI is tracking at 45.80. This is the lowest price strength since March 13. It is likely that it will be moving towards 44. That is bad news for bulls.
Ethereum
ETH fell to $3,145 on Thursday but climbed slightly on Friday to prevent a breakout.
ETH/USD is trading above the $3,200 level for the majority of today’s session thus far, after hitting a high of $3,301.61.
Although gains have eased from earlier peaks, ETH is still higher than yesterday’s bottom of $3,157.91, which was an eleven-day low.
The 10-day moving average, similar to BTC is now also downward-facing. However, while bitcoin fell by 5% over the past week, ETH trades 2.5% less in that same time.
The 14-day RSI continued to trade near its three-week low of 50.14, however, an upcoming ceiling at 55 could cut today’s gains short.
Market uncertainty is still high in ETH with bulls as well as bears being cautious about the next move.
Which factors do you think are causing the current market volatility? Comment below to share your views.
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