On Saturday, Bitcoin dropped from a previous multi-week high as the weekend's mood turned gloomy. Following a four-day winning streak, the collapse is thought by many to be profit-taking. Ethereum was somewhat more expensive.
Bitcoin
Bitcoin As bears tried to stop a recent four-day winning streak, the price of bitcoin fell from a two-week high to begin the weekend.
Following a peak of $26,840.50 the day before, BTC/USD touched a low of $26,240.70 early in today's session.
The decline appears to have occurred as a result of bulls' inability to withstand recent pressure, which caused BTC to reach its highest point since August 31.
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| BTC/USD--Daily Chart |
The data shows that the decline occurs at the same time as the relative strength index (RSI) fails to rise over a ceiling of 53.00.
Price strength is currently tracking at 51.27, with a floor of 41.00 as a potential goal as of this writing.
Bulls will probably try to prevent market consolidation and push for a breakout of the 53.00 barrier, which may push bitcoin back above $27,000.
Ethereum
Ethereum (ETH)'s price increased slightly during today's session, staying above a crucial support level.
The price of ETH/USD increased to an intraday high of $1,652.11 earlier in the day after falling to a low of $1,613.25 on Friday.
The second-largest cryptocurrency in the world, which saw increases on Saturday, is now trading at $1,637.80.
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| ETH/USD--Daily Chart |
Similar to bitcoin, this results from bulls' failure to enable a break out of a resistance level, in this case at the 48.00 region.
The current reading for price strength is 46.39, with earlier volatility decreasing as the session goes on.
Despite the fact that ETH is now in a consolidation phase, a potential upward cross of the 10-day (red) and 25-day (blue) moving averages may boost prices in the coming days.
Will ethereum continue to consolidate over the weekend? Post your opinions in the section below.