Ethereum fell below $1,200 to start the weekend, as prices continued to trade close to a multi-week low. This decline comes as market sentiment remained bearish following a big week of economic data. Bitcoin also extended recent declines, as traders remained nervous following news that financial auditor Mazars paused all work for crypto clients.
Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,200 to Start the Weekend
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Bitcoin
Bitcoin ( BTC) extended recent declines on Saturday, as markets continued to be nervous following recent uncertainty surrounding Binance’s proof-of-reserves audit.
The auditor in charge of the diligence, Mazars, opted to pause all of its work with crypto clients earlier this week, leading to a resurgence of bearish sentiment.
As a result of this news, BTC/USD fell for a third straight session, hitting a low of $16,584.70 to start the weekend.
Looking at the chart, BTC fell below a key support point of $16,700, hitting its lowest point since November 30 in the process.
Prices have since rebounded, as the 14-day relative strength index ( RSI) bounced from a floor of 42.20, and is currently tracking at 43.52.
The index now seems to be moving towards a ceiling of 45.00, which if hit, could see bitcoin reenter the $17,000 mark.
Ethereum
Ethereum ( ETH) also remained in the red during today’s trading session, as prices moved below the $1,200 mark.
Following a high of $1,278.16 on Friday, ETH/USD fell to an intraday low of $1,162.18 earlier in the day.
Like BTC, today’s decline sees ETH continue to trade close to a five-week low ($1,150), with the RSI also tracking near a multi-week bottom.
As can be seen from the chart, the index has bounced from a floor of 40.20, and is currently at the 41.11 level.
In addition to this, the 10-day (red) moving average is now nearing a downward cross with its 25-day (blue) counterpart.
Should this crossover take shape, we could see ethereum fall to a long-term floor of $1,085.
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Do you expect any further declines in ETH this weekend? Leave your thoughts in the comments below.
