ETH sell-off intensifies heading into weekend – Market Update Bitcoin News

Ethereum Friday was lower for a third straight session as prices neared an 11-month low. At the time of writing, the overall cryptocurrency market cap is down nearly 1%. Bitcoin is slightly higher despite today’s increased volatility.

bitcoin

Bitcoin edged higher in today’s trade, with prices consolidating after falling on Thursday.

saw yesterday bitcoin/USD fell to an intraday low of $28,261.91, a two-week low, but prices recovered somewhat today.

Bitcoin has breached the $28,800 floor so far on Friday, peaking at $29,696.16 in the process.

bitcoin/USD – daily chart

The gain lifted prices by nearly 1%, but price uncertainty remains as it is currently close to support.

Relative strength has also risen slightly, currently at 38.45, just one step away from its own ceiling of 39.80.

should bitcoin With a run at $30,000 this weekend, the bulls will need to rally and break this resistance on the RSI indicator.

Ethereum

Ethereum It fell to a multi-week low for the second session after a rebound as bearish pressure intensified on Friday.

Following Thursday’s session above $1,960, Ethereum/USD fell to a low of $1,727.49 earlier today.

The move took Ethereum to a fresh two-week low, with prices falling to their lowest since May 12 and forming a new point of support.

Ethereum/USD – daily chart

Looking at the chart, that level appears to be $1,750, just above the 11-month low of $1,705.

Prices are currently severely oversold with the 14-day RSI hovering at 32.11. If we see this close to 30, further declines are likely.

Is it inevitable Ethereum 11-month low this weekend? Leave your thoughts in the comments below.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.




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