As crypto markets consolidate, Ethereum traded close to $2,550 support on Saturday. BTC, ETH and XRP have traded mostly sideways following Tuesday’s impressive gains. Market volatility is a major factor in the trading of ETH and BTC.
Bitcoin
Bitcoin is down just over 1% as of writing, as the world’s largest cryptocurrency continued to trade below $40,000 to start the weekend.
The intraday lowest BTC/USD was at $38,432.93, after an earlier peak of $39,510.69.
Today’s high is roughly $1,000 lower than yesterday’s peak, where we saw bitcoin hit a high of over $40,300 in the session.
At the time of writing, the 14 day RSI still stands at 47. It is just below its recent resistance of 48.12.
Bulls appear to be waiting for a breakout of this level before truly re-entering, in a similar fashion to March 8, when news of U.S. President Joe Biden’s executive order was announced.
We are likely to continue seeing consolidation until significant price strength enters, whether bullish or bearish.
Ethereum
Ethereum trading near its support level of $2,550 at the start of the weekend. It is a position that it has maintained in recent sessions.
Following a high of $2,631.49 on Friday, ETH/USD hit an intraday low of $2,536.97 during today’s session, as bears continue to press ahead.
Bulls did push back on this however, with ETH now trading at $2,586.08 as of writing, which is 1.41% lower than yesterday’s high.
As can be seen in the moving averages of both 10-day and 25, price momentum is maintaining a downward trend.
The fact that these are so close means we might see a rebound at any moment, or even a reversal, is enough to keep bulls busy.
Are we likely to see an inverse trend this weekend? Please leave your comments.
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