ETH Marginally Higher as BTC Consolidates on Friday – Market Updates Bitcoin News

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ETH was mar­gin­al­ly high­er dur­ing Friday’s ses­sion, as it moved away from its recent sup­port lev­el around $3,145. BTC on the oth­er hand most­ly con­sol­i­dat­ed today, as prices main­ly trad­ed close to the $43,000 region. 

Bitcoin

Fri­day saw BTC fall for a fourth straight ses­sion, as prices con­tin­ued to reach low­er lows through­out the course of this week.

Fol­low­ing a low of $42,899.91 dur­ing Thursday’s ses­sion, BTC/USD dropped below this point, hit­ting a bot­tom of $42,884.58 today.

This drop sees BTC con­tin­u­ing to trade close to a two-week low, and comes as the floor of $42,500 remains intact.

BTC/USD – Dai­ly Chart

Should we see this lev­el breached, then price could poten­tial­ly fall to as low as $40,600, which looks like it could be the next sup­port point, beyond the exist­ing one. 

Look­ing at the chart, short-term momen­tum in BTC has now firm­ly shift­ed, with the 10-day red mov­ing aver­age now firm­ly point­ing downwards. 

Price strength is also low­er, with the RSI track­ing at 45.80, which is its low­est point since March 13, and it looks like­ly to be head­ing to 44, which is not good news for bulls.

Ethereum

Fol­low­ing a drop towards its long-term sup­port point of $3,145 on Thurs­day, ETH some­what rose on Fri­day, to avoid a breakout. 

ETH/USD is trad­ing above the $3,200 lev­el for the major­i­ty of today’s ses­sion thus far, after hit­ting a high of $3,301.61.

Although gains have eased from ear­li­er peaks, ETH is still high­er than yesterday’s bot­tom of $3,157.91, which was an eleven-day low.

ETH/USD – Dai­ly Chart

Sim­i­lar to BTC, the 10-day mov­ing aver­age is also now down­ward-fac­ing, how­ev­er while bit­coin has fall­en by 5% in the last week, ETH is trad­ing 2.5% low­er in the same period.

The 14-day RSI con­tin­ued to trade near its three-week low of 50.14, how­ev­er, an upcom­ing ceil­ing at 55 could cut today’s gains short.

Over­all, mar­ket uncer­tain­ty remains height­ened in ETH, with both bulls and bears cau­tious about their next poten­tial move. 

What do you believe is caus­ing this recent uncer­tain­ty in mar­kets? Leave your thoughts in the com­ments below.

eliman@bitcoin.com'
Eliman Dambell 

Eli­man brings a diver­si­fied point of view to mar­ket analy­sis, hav­ing worked as a bro­ker­age direc­tor, retail trad­ing edu­ca­tor, and mar­ket com­men­ta­tor in Cryp­to, Stocks and FX.




Image Cred­its: Shut­ter­stock, Pix­abay, Wiki Commons

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