ETH Falls Below $1,500 — Market Momentum Remains Bullish – Market Updates Bitcoin News
Ethereum fell below $1,500 on Friday, as cryptocurrency markets fell after gains earlier in the week. Bitcoin was also in the red in today’s session, as the token moved closer to a breakout below $20,000. Overall, the global crypto market cap is down 1.90% at the time of writing.
Bitcoin
Bitcoin (BTC) fell lower for a second day in a row on Friday as bullish sentiment continued to wane.
After peaking at $21,022 on Wednesday, BTC/USD fell in back-to-back sessions, with today’s decline sending the price to a low of $20,086.07.
Today’s fall in bitcoin comes as the USD continued to strengthen, following yesterday’s better-than-expected third-quarter GDP number, which came in at 2.6%.
In addition to a stronger dollar, momentum has shifted somewhat after a failed breakout of a key ceiling within the relative strength index (RSI).
Since it failed to move beyond the 66.00 resistance, the index has fallen significantly lower, and is currently trading at 56.82.
The 10-day (red) and 25-day (blue) moving averages now appear to be slowing their progress, which could lead to further price declines.
Ethereum
In addition to BTC, ethereum (ETH) also fell in today’s session, moving below the $1,500 level in the process.
ETH/USD plunged to an intraday low of $1,493.87, which comes less than 24 hours after trading at a high of $1,572.24.
Since breaking out of a key price level of $1,590 earlier in the week, the momentum has shifted somewhat in ETH, as bears are slowly starting to re-enter the market.
As with bitcoin, hump-day highs pushed price strength into overbought territory, paving the way for bears to re-emerge.
However, unlike BTC, the momentum of the moving averages in ethereum continues to remain higher.
This could be a sign of a potential rebound in price this weekend, when traditional stock and currency markets will be closed, focusing on traders such as crypto.
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Do you think we will see further gains in ethereum this weekend? Leave your thoughts in the comments below.
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