Ethereum neared a breakout 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 cap trading 0.96% lower, as of writing. Bitcoin also edged lower, with prices remaining below $22,000.
Bitcoin (BTC) continued its downward descent on Saturday, as prices continued to hover near a three-week low.
Following a high of $21,919.33 on Friday, BTC/USD bottomed out 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 rebounded, which comes as the 14-day relative strength index (RSI) moved away from a recent floor at 42.00
As of writing, the index is currently tracking at 46.35, with the next visible resistance level at the 50.00 mark.
However, momentum appears to be mostly bearish, with the 10-day (red) moving average (MA) approaching a downwards cross with its 25-day (blue) counterpart.
Etheruem (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 stay above an interim floor at $1,550.
As a result of today’s drop, ethereum was trading at its weakest point since mid-January, when it dropped to a low of $1,449.
Like with bitcoin, this recent shift in sentiment has pushed moving averages lower, with the 10-day (MA) losing all previous upwards momentum.
In addition to this, the RSI continues to track below a support point of 47.00, and instead hover at a six-week low of 45.43.
As of writing, ETH is slightly higher, and currently tracking at $1,523.17, however if it fails to climb beyond the 47.00 zone, prices could move lower.
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What is behind this recent shift in market momentum? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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