Ethereum started the weekend trading below $1,900 for the first time in two weeks, as cryptocurrency markets continued to fall. The global market cap is down by close to 3% at the time of writing this. Bitcoin was also in red, as it moved closer to $27,000.
Bitcoin
Bitcoin (BTC) was in the red for a fourth consecutive session, as prices neared a breakout below $27,000.
BTC/USD plunged to a low of $27,169.57 to start the weekend, a day after trading at a high of $28,291.60.
Saturday’s drop in price resulted in bitcoin falling to its lowest point in roughly three and a half weeks.
BTC/USD – Daily Chart
Looking at the chart, this latest downturn has pushed the 10-day (red) moving average closer to a cross with its 25-day (blue) counterpart.
In addition to this, the relative strength index is now tracking at 41.73, which is marginally higher than its long-term floor at 41.00.
If price strength were to slip below this point, there is a good chance that BTC will move toward $26,000.
Ethereum
Ethereum (ETH) continued to trend lower on Saturday, as the world’s second-largest cryptocurrency dropped below $1,900.
Following a high of $1,926.30 on Friday, ETH/USD fell to an intraday low at $1,827.79 earlier in the day.
As a result of this move, ethereum started the weekend by declining to its weakest level since April 9.
ETH/USD – Daily Chart
Today’s price slippage also resulted in ETH briefly breaking out of an interim support point at $1,830.
Bulls swiftly reentered the market seemingly buying the dip, and this has resulted in ethereum now trading at $1,848.66.
Although there is likely to be further declines in the coming days, once this current red wave passes, there may be a significant reversal.
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Could ethereum drop below $1,700 this weekend Leave your thoughts in the comments below.
Eliman Dambell
Image Credits: Shutterstock, Pixabay, Wiki Commons
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