For the third straight session Ethereum traded above $3,400. However, bullish momentum is slowly easing as markets uncertainty has steadily increased. The market is trading at resistance levels and bulls are retreating, leaving room for bears to re-enter the market.
Bitcoin
BTC bulls have pulled back as the price of Bitcoin continues to hover near recent resistance levels. Some fear a price reverse.
Following a high above $48,100 earlier in the week, BTC/USD traded at an intraday low of $46,620.72 during today’s session.
Bitcoin rose by up to 10% during the week. But, momentum has subsided, which is leading to consolidation.
Many believe that we may see this price weakness reversal take us back to $45,000, however this could only be a temporary retreat since bulls are still aiming for $50,000.
The chart shows that the 14-day RSI is also beginning to fall. It’s now near its floor at 61. However, bulls could continue to hope for an increase in upside action if it doesn’t break below this level.
This move is similar to the one that took place in January when prices traded below $48,000.
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Ethereum
ETH was trading above $3,400 in the third straight day. This is because there seemed to be more bulls remaining than in BTC.
As of writing, ETH/USD is trading 0.04% lower, as prices hit an intraday low of $3,359.95, which is marginally higher than yesterday’s low.
It is common for a string of high lows to occur in falling markets. This signals consolidation.
While price strength is still in the overbought zone, this is probably what the remaining ETH bulls want.
At the time of writing, 70.9 is the 14-day RSI. While this is near multi-month highs (but moving averages continue to show signs of more bullish pressure both short-term and long-term),
Are we going to see crypto consolidate before it’s weekend? Please leave your comments.
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