Bitcoin started the weekend trading above $17,000, as traders prepare for next week’s U.S. Federal Reserve interest decision. Markets now expect that the Fed could continue hiking rates, following a higher than expected increase in producer prices. Ethereum mainly consolidated on Saturday, as prices moved back towards a key price floor.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Weekend
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Bitcoin
Bitcoin ( BTC) remained above the $17,000 level to start the weekend, despite crypto markets mostly consolidating.
BTC/USD fell to an intraday low of $17,100.84 during Saturday’s session, which comes a day after hitting a high of $17,280.55.
As a result of today’s decline, BTC continued to move below its recent resistance level of $17,200.
Looking at the chart, it now appears as if bitcoin could be moving towards a floor of $16,750, which comes as market volatility remains high today.
The turbulence came as the 14-day relative strength index ( RSI) continued to move between a floor of 50.00 and a ceiling of 52.00.
In order for bulls to fully regain market sentiment, a breakout of the 52.00 mark must occur, which could then lead to the return of upwards momentum.
Ethereum
Like bitcoin, ethereum ( ETH) also consolidated to start the weekend, with price moving close to a key point of support.
Following a peak of $1,290.06 on Friday, ETH/USD moved to a bottom of $1,260.82 earlier in the day.
As a result of today’s drop, the world’s second largest cryptocurrency moved closer to a recent floor of $1,230.
From the chart, it seems that today’s consolidation comes as bulls failed to break out of a resistance point at $1,300.
As of writing, ethereum now seems as though it is heading for its aforementioned floor at the $1,230 point.
This comes as the 10-day (red) moving average now appears to have halted recent gains, and is slowly shifting downwards.
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Will ethereum end the weekend below $1,200? Leave your thoughts in the comments below.
