Bitcoin, Ethereum Technical Analysis: ETH Nears $1,500 Level to Start the Weekend

Ethereum neared a breakout beneath $1,500 to commencement the weekend, pushing prices person to a one-month low. Overall sentiment remained mostly bearish, with the planetary cryptocurrency marketplace headdress trading 0.96% lower, arsenic of writing. Bitcoin besides edged lower, with prices remaining beneath $22,000.

Bitcoin

Bitcoin (BTC) continued its downward descent connected Saturday, arsenic prices continued to hover adjacent a three-week low.

Following a precocious of $21,919.33 connected Friday, BTC/USD bottomed retired astatine a debased of $21,539.39 earlier successful the day.

This driblet sees the world’s largest cryptocurrency proceed to commercialized adjacent its lowest constituent since January 20.

BTC/USD – Daily Chart

Looking astatine the chart, prices person since rebounded, which comes arsenic the 14-day comparative spot scale (RSI) moved distant from a caller level astatine 42.00

As of writing, the scale is presently tracking astatine 46.35, with the adjacent disposable absorption level astatine the 50.00 mark.

However, momentum appears to beryllium mostly bearish, with the 10-day (red) moving mean (MA) approaching a downwards transverse with its 25-day (blue) counterpart.

Ethereum

Etheruem (ETH) fell deeper into bearish territory connected Saturday, nearing a one-month debased successful the process.

ETH/USD fell to an intraday debased of $1,504.83 to commencement the weekend, which comes aft failing to enactment supra an interim level astatine $1,550.

As a effect of today’s drop, ethereum was trading astatine its weakest constituent since mid-January, erstwhile it dropped to a debased of $1,449.

ETH/USD – Daily Chart

Like with bitcoin, this caller displacement successful sentiment has pushed moving averages lower, with the 10-day (MA) losing each erstwhile upwards momentum.

In summation to this, the RSI continues to way beneath a enactment constituent of 47.00, and alternatively hover astatine a six-week debased of 45.43.

As of writing, ETH is somewhat higher, and presently tracking astatine $1,523.17, nevertheless if it fails to ascent beyond the 47.00 zone, prices could determination lower.

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What is down this caller displacement successful marketplace momentum? Leave your thoughts successful the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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