ETH was trading lower for the third straight session on Friday as prices near an 11-month low. This comes as the overall cryptocurrency market cap was down around 1% as of writing. Bitcoin was slightly higher despite today’s increased volatility.
Bitcoin
Bitcoin gained marginally during today’s session, consolidating prices after Thursday’s drop.
BTC/USD fell to an intraday bottom of $28,261.91 yesterday, a two-week low, although there has been some correction in prices today.
So far on Friday, bitcoin has moved above its level of $28,800, reaching a peak of $29,696.16 in the process.
This gain has seen prices rise by around 1%, although price uncertainty still remains due to its current proximity to support levels.
Relative strength has also increased marginally, and now sits at 38.45, a stone’s throw from its roof at 39.80.
If BTC runs towards $30,000 this weekend, the bulls will have to band together and cross this resistance level on the RSI indicator.
Ethereum
As bearish pressure intensified on Friday, ETH plunged to a multi-week low on a second session rally.
After hitting a high of $1,960 during Thursday’s session, ETH/USD dropped to a low of $1,727.49 earlier today.
The move took Ethereum to a two-week low, with the price falling to its lowest point since May 12, becoming a new support point.
Looking at the chart, this level appears to be the $1,750 level, which is slightly above the 11-month low of $1,705.
Prices are currently selling heavily with the 14-day RSI hovering at 32.11. Should we see a move closer to 30, then there is a possibility that there will be further downside.
Is it inevitable that ETH will hit an 11-month low this weekend? Give your thoughts in the comment below.
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