Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,500 — Market Momentum Remains Bullish

Ethereum dropped beneath $1,500 connected Friday, arsenic cryptocurrency markets fell pursuing earlier gains successful the week. Bitcoin was besides successful the reddish successful today’s session, arsenic the token moved person to a breakout beneath $20,000. Overall, the planetary crypto marketplace headdress is down 1.90% arsenic of writing.

Bitcoin

Bitcoin (BTC) fell little for a 2nd consecutive time connected Friday, arsenic bullish sentiment continued to fade.

Following a highest of $21,022 connected Wednesday, BTC/USD dropped successful back-to-back sessions, with today’s diminution sending the terms to a debased of $20,086.07.

Today’s gaffe successful bitcoin comes arsenic USD continued to summation strength, pursuing yesterday’s better-than-expected Q3 GDP figures, which came successful astatine 2.6%.

BTC/USD – Daily Chart

In summation to a stronger dollar, momentum has somewhat shifted pursuing a failed breakout of a cardinal ceiling wrong the comparative spot scale (RSI).

Since failing to determination beyond the absorption of 66.00, the scale has fallen importantly lower, and arsenic of writing, is trading astatine 56.82.

The 10-day (red), and 25-day (blue) moving averages present look to besides beryllium slowing their progress, which could pb to further declines successful price.

Ethereum

In summation to BTC, ethereum (ETH) besides slipped successful today’s session, moving beneath the $1,500 level successful the process.

ETH/USD plunged to an intraday debased of $1,493.87, which comes little than 24 hours aft trading astatine a precocious of $1,572.24.

Since breaking retired of a cardinal terms level of $1,590 earlier connected successful the week, momentum has somewhat shifted successful ETH, arsenic bears dilatory statesman to reenter the market.

ETH/USD – Daily Chart

Like with bitcoin, hump-day’s precocious pushed terms spot into overbought territory, which gave mode to giving bears an accidental to resurface.

However, dissimilar with BTC, the momentum of the moving averages successful ethereum continues to stay higher.

This could beryllium a motion of a imaginable rebound successful terms this weekend, erstwhile accepted banal and currency markets volition beryllium closed, with the sole absorption for traders being crypto.

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Do you judge that we volition spot further gains successful ethereum this weekend? Leave your thoughts successful the comments below.

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