ETH trades lower in the third session of Friday’s trading, just as it neared its 11-month lowest. This happened while the total cryptocurrency market cap fell almost 1% by writing. Bitcoin was slightly higher despite today’s increased volatility.
Bitcoin marginally rose during today’s session, with prices consolidating in the aftermath of Thursday’s decline.
Yesterday’s BTC/USD plunged to $28,261.91, an intraday low. Prices have since rebounded a bit today.
On Friday bitcoin was at its highest point, reaching $29,696.16.
This price gain brings prices up almost 1% but there is still uncertainty due to its proximity to the support level.
Relative strength has also marginally risen, and now sits at 38.45, which is a stone’s throw away from a ceiling of its own at 39.80.
If BTC makes a run at $30,000 this weekend bulls will have to rally and push through the resistance level of the RSI indicator.
ETH dropped to a multiweek low in the second session, after bearish pressure increased on Friday.
Following a high above $1,960 during Thursday’s session, ETH/USD dropped to a low of $1,727.49 earlier today.
The price of ethereum fell to its lowest point in two weeks, at the end of May 12. A new support level was also formed.
The chart shows that this seems to be $1,750, slightly above the $1,705 level 11 months ago.
There are still high prices, and the 14-day RSI stands at 32.11. If this moves closer to 30 then further falls are likely.
Do you think it is possible that ETH could hit an 11 month low this weekend. Please leave your comments.
Credits for the imageShutterstock. Pixabay. Wiki Commons
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