ETH Heads For $1,200 Breakout On Saturday – Market Updates Bitcoin News
Ethereum once again approached a breach of the $1,200 level as bearish sentiment returned to start the weekend. After rallying on Friday, cryptocurrency markets were back in the red, trading 0.68% lower at the time of writing. Bitcoin also fell in today’s session.
Bitcoin
Bitcoin (BTC) once again traded lower to start the weekend, as the token moved back towards a recent price floor.
BTC/USD fell to an intraday low of $16,564.61 in today’s session, which comes less than a day after hitting a high of $16,795.20.
The move sees BTC move closer to this week’s $16,000 support point, which has been in place since the FTX collapse.
Looking at the chart, today’s price drop comes as a barrier was hit on the 14-day relative strength index (RSI).
This 38.00 wall on the indicator has seemingly prevented bulls from recapturing the $17,000 mark, reopening the door for a bearish entry again.
Should Saturday’s bearish momentum continue to intensify over the weekend, BTC is likely to decline closer to $16,000.
Ethereum
In addition to BTC, ethereum (ETH) also stumbled lower on Saturday, with prices approaching a breach of the $1,200 level.
After a high of $1,222.20 on Friday, the world’s second largest cryptocurrency fell to a low of $1,200.48 earlier today.
The move came as ETH/USD fell below a recent ceiling of resistance at $1,220, with bulls now scrambling to reject further declines.
At the time of writing, ETH is trading at $1,209.44, as traders have so far rejected a drop below $1,200.
This is due to two things, first the 10-day (red) moving average has started to trend upwards, bringing back a level of bullish sentiment to the token.
In addition to this, the 14-day relative strength index (RSI) continues to track above a key floor of 37.75, which appears to be a major reason why we have not seen more significant selling.
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Could we see Ethereum fall below $1200 this weekend? Leave your thoughts in the comments below.
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