Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000, BTC Down 6% to Start the Weekend
Following a strong rebound on Friday, crypto prices moved back into the red today, with BTC falling below $30,000 to start the weekend. ETH also moved lower, as its own price slipped below the $2,000 level during Saturday’s session.
On Saturday, bitcoin’s price fell below $30,000, as crypto bears returned to action to start the weekend.
Following a rise of nearly 10% during Friday’s session, BTC/USD fell to an intraday low of $28,860.79 earlier today.
Saturday’s decline comes after prices hit a peak of $30,924.80 yesterday, as LUNA appeared to have finally fallen into crypto irrelevancy.
However, as LUNA spiked by almost 2,000% in today’s session, the volatility and general uncertainty in markets likely contributed to BTC’s selloff.
Looking at the chart, the 14-day RSI is now trading lower, as it fell to a bottom of 25, which is a floor that has not been broken since late January.
Should this change, then we will likely be looking at bitcoin trading closer to $25,000 in upcoming sessions.
The world’s second-largest cryptocurrency also moved lower to start the weekend, as ETH fell below $2,000 on Saturday.
ETH/USD dropped to a bottom of $1,964.65 on Saturday, which is around 7% lower than yesterday’s peak of $2,139.71.
As a result of today’s move, prices are now hovering close to a support level of $1,950, which was the starting point of Friday’s rally.
Similar to BTC, the 14-day Relative Strength Index on the ethereum chart is also tracking around 25, which is its lowest point in over four months.
We have already seen prices of ETH fall to as low as $1,695 this week, and should the RSI continue to weaken, we might soon revisit these lows.
Overall, ETH is down over 26% in the last seven days, with BTC trading almost 20% lower in that same period.
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Could we see these support levels broken this weekend? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.