Ethereum closed in on a break below $1,500 to start the weekend, pushing prices closer to a one-month low. Overall sentiment remained mostly bearish, with the global cryptocurrency market capitalization trading 0.96% lower as of this writing. Bitcoin is also down, with prices holding below $22,000.
Bitcoin
bitcoin (BTC) continued its downward slide on Saturday as prices continued near a three-week low.
After a high of $21,919.33 on Friday, BTC/USD bottomed at a low of $21,539.39 earlier in the day.
This drop sees the world’s largest cryptocurrency continue to trade near its lowest point since January 20.
Looking at the chart, prices have since rallied, which comes as the 14-day RSI moved away from a recent low at 42.00.
At time of writing, the index is currently at 46.35, with the next resistance level visible at the 50.00 mark.
However, the momentum appears to be mainly bearish, with the 10-day MA (red) approaching a downside crossover with its 25-day counterpart (blue).
Ethereal
ethereal (ETH) fell deeper into bearish territory on Saturday, nearing a one-month low in the process.
ETH/USD fell to an intraday low of $1,504.83 to start the weekend, which comes after failing to hold above an interim floor of $1,550.
As a result of today’s drop, Ethereum was trading at its weakest point since mid-January, when it fell to a low of $1,449.
As with bitcoin, this recent shift in sentiment has pushed the moving averages lower, with the 10-day (MA) losing all previous bullish momentum.
Adding to this, the RSI continues to track below a support point of 47.00 and instead stands at a six-week low of 45.43.
At the time of writing, ETH it is a bit higher and is currently sitting at $1,523.17, however, if it fails to rally beyond the 47.00 zone, prices could move lower.
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What is behind this recent change in market momentum? Leave your thoughts in the comments below.
image credits: Shutterstock, Pixabay, Wiki Commons
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