Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,500 — Market Momentum Remains Bullish
Ethereum dropped below $1,500 on Friday, as cryptocurrency markets fell following earlier gains in the week. Bitcoin was also in the red in today’s session, as the token moved closer to a breakout below $20,000. Overall, the global crypto market cap is down 1.90% as of writing.
Bitcoin (BTC) fell lower for a second consecutive day on Friday, as bullish sentiment continued to fade.
Following a peak of $21,022 on Wednesday, BTC/USD dropped in back-to-back sessions, with today’s decline sending the price to a low of $20,086.07.
Today’s slip in bitcoin comes as USD continued to gain strength, following yesterday’s better-than-expected Q3 GDP figures, which came in at 2.6%.
In addition to a stronger dollar, momentum has somewhat shifted following a failed breakout of a key ceiling within the relative strength index (RSI).
Since failing to move beyond the resistance of 66.00, the index has fallen significantly lower, and as of writing, is trading at 56.82.
The 10-day (red), and 25-day (blue) moving averages now appear to also be slowing their progress, which could lead to further declines in price.
In addition to BTC, ethereum (ETH) also slipped in today’s session, moving below the $1,500 level in the process.
ETH/USD plunged to an intraday low of $1,493.87, which comes less than 24 hours after trading at a high of $1,572.24.
Since breaking out of a key price level of $1,590 earlier on in the week, momentum has somewhat shifted in ETH, as bears slowly begin to reenter the market.
Like with bitcoin, hump-day’s high pushed price strength into overbought territory, which gave way to giving bears an opportunity to resurface.
However, unlike with BTC, the momentum of the moving averages in ethereum continues to remain higher.
This could be a sign of a potential rebound in price this weekend, when traditional stock and currency markets will be closed, with the sole focus for traders being crypto.
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Do you believe that we will see further gains in ethereum this weekend? Leave your thoughts in the comments below.