Bitcoin, Ethereum Technical Analysis: ETH Marginally Higher as BTC Consolidates on Friday
ETH was marginally higher during Friday’s session, as it moved away from its recent support level around $3,145. BTC on the other hand mostly consolidated today, as prices mainly traded close to the $43,000 region.
Friday saw BTC fall for a fourth straight session, as prices continued to reach lower lows throughout the course of this week.
Following a low of $42,899.91 during Thursday’s session, BTC/USD dropped below this point, hitting a bottom of $42,884.58 today.
This drop sees BTC continuing to trade close to a two-week low, and comes as the floor of $42,500 remains intact.
Should we see this level breached, then price could potentially fall to as low as $40,600, which looks like it could be the next support point, beyond the existing one.
Looking at the chart, short-term momentum in BTC has now firmly shifted, with the 10-day red moving average now firmly pointing downwards.
Price strength is also lower, with the RSI tracking at 45.80, which is its lowest point since March 13, and it looks likely to be heading to 44, which is not good news for bulls.
Following a drop towards its long-term support point of $3,145 on Thursday, ETH somewhat rose on Friday, to avoid a breakout.
ETH/USD is trading above the $3,200 level for the majority of today’s session thus far, after hitting a high of $3,301.61.
Although gains have eased from earlier peaks, ETH is still higher than yesterday’s bottom of $3,157.91, which was an eleven-day low.
Similar to BTC, the 10-day moving average is also now downward-facing, however while bitcoin has fallen by 5% in the last week, ETH is trading 2.5% lower in the same period.
The 14-day RSI continued to trade near its three-week low of 50.14, however, an upcoming ceiling at 55 could cut today’s gains short.
Overall, market uncertainty remains heightened in ETH, with both bulls and bears cautious about their next potential move.
What do you believe is causing this recent uncertainty in markets? Leave your thoughts in the comments below.