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Bitcoin, Ethereum Technical Analysis: ETH Drops Under $1,600, BTC Consolidates Below $27,000

Bitcoin, Ethereum Technical Analysis: ETH Drops Under $1,600, BTC Consolidates Below $27,000

Ethereum continued to slip lower on Friday, as the cryptocurrency fell below the $1,600 level in today’s session. Crypto markets have mostly consolidated since the Federal Reserve opted to keep rates unchanged earlier this week, with the global market cap down nearly 1%, as of writing. Bitcoin continued to trend lower.

Bitcoin

After falling to its lowest point since Monday late in yesterday’s session, bitcoin (BTC) was marginally higher today.

BTC/USD fell to a low of $26,389.30 on Thursday, and at the time of writing, has rebounded to $26,641.77.

This, however, still remains below yesterday’s peak of $26,786.10, and almost $1,000 away from a recent three-week high.

Bitcoin chart by TradingView

The decline comes as the 14-day relative strength index (RSI) fell to a one-week low in the last 24 hours, before finding a stable floor.

At the time of writing, price strength is tracking at 50.77, which is marginally above the aforementioned support at 50.00.

Should bulls opt to reenter after recent days of consolidation, they will likely target the 56.00 level on the indicator.

Ethereum

Ethereum (ETH) fell below the $1,600 level in today’s session, as bearish pressure continued to intensify.

Following a high of $1,601.54 on Thursday, ETH/USD slipped to an intraday low $1,573.31 later in the day.

This was the lowest point ethereum had fallen to since September 12, when price bottomed out at $1,549.

Ethereum chart by TradingView

Bulls have since bought this dip, with the world’s second largest cryptocurrency rebounding to a current level at $1,597.46.

As such, the 10-day (red) and 25-day (blue) moving averages have neared one another, with the prospect of an upward cross seeming imminent.

Should this occur, there could be a bull run in ETH this weekend.

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Where will ethereum end up this coming weekend? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/LeTuDUp
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