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Ethereum was once again approaching a breakout of its $1,200 level as bearish sentiment returned to start the weekend. Following Friday’s price rebound, cryptocurrency markets have moved back into the red and are trading down 0.68% at the time of writing. Bitcoin also slipped in today’s session.
Bitcoin
Bitcoin (BTC) was trading lower again to start the weekend, as the token retraced towards a recent low.
BTC/USD fell to an intraday low of $16,564.61 during 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 support point of $16,000, which has been in place since the collapse of FTX.
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Looking at the chart, today’s price decline comes as a hurdle was hit on the 14-day Relative Strength Index (RSI).
This 38.00 wall on the indicator seemingly prevented the bulls from retaking the $17,000 mark and in turn, opened the door for a bearish re-entry.
If Saturday’s bearish momentum continues to build through the weekend, BTC will likely edge closer to $16,000.
Ethereum
In addition to BTC, Ethereum (ETH) also fell lower on Saturday, with prices nearing a breakout of the $1,200 level.
After hitting a high of $1,222.20 on Friday, the world’s second-largest cryptocurrency fell to $1,200.48 earlier today.
The move came as ETH/USD fell below a recent resistance cap at $1,220, with bulls now struggling to reject any further declines.
As of this 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 moving average (red) started to rise which brought a level of bullish sentiment back to the token.
On top of that, the 14-day Relative Strength Index (RSI) continues to hold above a key low of 37.75, which appears to be a major reason why we haven’t seen any significant improvement. other massive sales.
