Over the weekend, Ethereum’s price fell below $1,900 for the first time in two weeks, as the cryptocurrency market continued to decline. At the time of writing, the global market cap was down by almost 3%. Bitcoin also saw a drop in price, moving closer to $27,000. It was the fourth consecutive session where Bitcoin was in the red, 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 caused Bitcoin to fall to its lowest point in roughly three and a half weeks.
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 continued to trend lower on Saturday, as the world’s second-largest cryptocurrency fell 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.
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.
It remains to be seen whether Ethereum will drop below $1,700 this weekend, but the cryptocurrency market has been volatile in recent weeks, with prices fluctuating wildly. Investors are advised to exercise caution and do their research before investing in cryptocurrencies.
Eliman Dambell, a former director of a London-based brokerage and online trading educator, commented on various asset classes, including crypto, stocks, and FX, as well as being a startup founder. However, it is important to note that this article is for informational purposes only and 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.
