Bitcoin, Ethereum Technical Analysis: ETH Drops Under $1,600, BTC Consolidates Below $27,000

Ethereum continued to gaffe little connected Friday, arsenic the cryptocurrency fell beneath the $1,600 level successful today’s session. Crypto markets person mostly consolidated since the Federal Reserve opted to support rates unchanged earlier this week, with the planetary marketplace headdress down astir 1%, arsenic of writing. Bitcoin continued to inclination lower.

Bitcoin

After falling to its lowest constituent since Monday precocious successful yesterday’s session, bitcoin (BTC) was marginally higher today.

BTC/USD fell to a debased of $26,389.30 connected Thursday, and astatine the clip of writing, has rebounded to $26,641.77.

This, however, inactive remains beneath yesterday’s highest of $26,786.10, and astir $1,000 distant from a caller three-week high.

The diminution comes arsenic the 14-day comparative spot scale (RSI) fell to a one-week debased successful the past 24 hours, earlier uncovering a unchangeable floor.

At the clip of writing, terms spot is tracking astatine 50.77, which is marginally supra the aforementioned enactment astatine 50.00.

Should bulls opt to reenter aft caller days of consolidation, they volition apt people the 56.00 level connected the indicator.

Ethereum

Ethereum (ETH) fell beneath the $1,600 level successful today’s session, arsenic bearish unit continued to intensify.

Following a precocious of $1,601.54 connected Thursday, ETH/USD slipped to an intraday debased $1,573.31 aboriginal successful the day.

This was the lowest constituent ethereum had fallen to since September 12, erstwhile terms bottomed retired astatine $1,549.

Bulls person since bought this dip, with the world’s 2nd largest cryptocurrency rebounding to a existent level astatine $1,597.46.

As such, the 10-day (red) and 25-day (blue) moving averages person neared 1 another, with the imaginable of an upward transverse seeming imminent.

Should this occur, determination could beryllium a bull tally successful ETH this weekend.

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Where volition ethereum extremity up this coming weekend? Leave your thoughts successful the comments below.