Ethereum started the weekend close to a breakout below $1,500, sending the price near one-month lows. At the time of writing, the overall sentiment remained mostly bearish with the global cryptocurrency market cap trading 0.96% lower. Bitcoin also declined lower with the price below $22,000.
Bitcoin
Bitcoin (BTC) continued its decline on Saturday as the price remained near three-week lows.
After hitting a high of $21,919.33 on Friday, BTC/USD fell to a low of $21,539.39 earlier in the day.
The decline continues to see the world’s largest cryptocurrency trading near its lowest point since January 20.
Looking at the charts, the price has bounced back again, which comes after the 14-day Relative Strength Index (RSI) broke from the recent low at 42.00.
At the time of writing, the index is currently tracking at 46.35, with the next visible resistance level being at the 50.00 mark.
However, the momentum appears to be mostly bearish, with the 10-day (red) moving average (MA) trending lower along with its 25-day (blue) counterpart.
Ethereum
Ethereum (ETH) fell into bearish territory on Saturday, nearing a one-month low in the process.
ETH/USD fell to a one-day low of $1,504.83 to start the weekend, which comes after failing to hold above the interim bottom of $1,550.
As a result of today’s drop, Ethereum is trading at its weakest point since mid-January, when it dropped to a low of $1,449.
Like bitcoin, this recent change in sentiment has pushed the moving averages down, with the 10-day (MA) having lost all previous upward momentum.
Furthermore, the RSI continues to track below the 47.00 support point, and instead hovers at a six-week low of 45.43.
As of writing, ETH is slightly higher, and is currently tracking $1,523.17, though if it fails to climb above the 47.00 area, prices could move lower.
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What is behind this recent change in market momentum? Leave your thoughts in the comments below.
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source: news.bitcoin.com
