Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,200 to Start the Weekend
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 (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 (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.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect any further declines in ETH this weekend? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.