Ethereum continued to fall on Saturday, as the token’s post-Merge sell-off intensified to start the weekend. Prices of the world’s second largest cryptocurrency fell to their lowest level since July, as bearish sentiment in the market remained high. Bitcoin was also lower today, once again trading below $20,000.
Bitcoin (BTC) was once again trading below $20,000, as bearish sentiment in the token remained to start the weekend.
BTC/USD slipped to an intraday low of $19,400.08 earlier in the day, which is a level that has historically been a price floor.
Following the collision with this support point, bulls reentered the market, attempting, and being briefly successful, in taking prices to a high of $20,021.74.
As a result of the high level of volatility, prices have since moved away from those highs, with BTC currently trading at $19,854.17 as of writing.
Looking at the chart, the 14-day relative strength index (RSI) continues to track near a floor of 41.10.
Some do not expect any significant moves in bitcoin until the index moves away from this point, and starts climbing towards a ceiling at the 50.00 level.
It has been a turbulent week for ethereum (ETH), as volatility pre and post-Merge sent prices down by over $300.
ETH/USD started the week trading at a high of $1,783, however it fell to a bottom of $1,415.58 earlier today.
The move saw ethereum fall below its support point of $1,430, hitting its lowest point since July 26 in the process.
As seen from the chart, the decline came as the RSI collided with a support of its own, at the 38.70 mark.
This landing spot has helped stabilize prices, with the earlier bleeding somewhat halted for the time being.
If we were to see this floor broken, then it is likely that bears will look to target the $1,350 level as a potential exit point.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect further decline within ethereum this weekend? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.