Bitcoin, Ethereum Technical Analysis: ETH, BTC Down as Prices Fall at Key Resistance Levels  

Bitcoin, Ethereum Technical Analysis: ETH, BTC Down as Prices Fall at Key Resistance Levels  

Following recent back-to-back surges in price, both ETH and BTC were down during Friday’s session. Bitcoin fell by almost 5% today, while ETH was down by a similar figure, with both retreating back towards levels of support. Bitcoin

After a strong rebound in prices mid-week, the world’s largest cryptocurrency was trading lower on Friday, as BTC fell to its support level.

Following a peak of $42,699.87 during Thursday’s session, BTC/USD fell to an intraday low of $40,063.83 earlier today.

This was marginally below the long-term floor of $40,100 for bitcoin, and comes as prices failed to break out of yesterday’s resistance at $42,700. BTC/USD – Daily Chart

Despite the break coming very close to occurring, this historical resistance point held firm, with bulls giving way to a bearish onslaught.

Price strength has also turned to weakness, with the 14-day RSI failing to break its own resistance of 48.77.

As of writing, this indicator is now trading at a floor of 42.85, and should this level break, then we could be in-store for a red wave this weekend.

Ethereum

The red wave may have already begun in the eyes of ETH bulls, as prices once again fell below support of $3,000.

Despite a recent run, which saw prices rise to as high as $3,187.93 less than 24 hours ago, ETH/USD slipped to a low of $2,962.41 today.

The world’s second-largest cryptocurrency moved below its long-term floor of $3,000 as a result, as prices once again consolidated. ETH/USD – Daily Chart

Just yesterday, markets were preparing for an extended bullish run, with traders targeting $3,300, with the more optimistic eyeing a $3,500 ceiling.

However, as with bitcoin, ETH failed to move past resistance, as bears re-entered the market in huge numbers at the $3,150 ceiling.

As a result of today’s drop, the 14-day RSI is also tracking at support, which means we could still see either an extension of today’s fall, or a rebound in price to begin the weekend tomorrow. Tags in this story Analysis, BTC, ETH

Could we see ETH and BTC continue to consolidate for the remainder of April? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: Near, EOS and RUNE Fall During Friday"s Selloff MARKET UPDATES | 7 hours ago Biggest Movers: XMR Climbs to 6-Month High, TRX up 17% Following News of USDD Stablecoin MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGoons of Balatroon (GOB) Raises $2.46M to Craft a Unique Free-to-Play-to-Earn (F2P2E) Card CoiGame Metaverse Next articlePayments Giant Stripe Rolls Out Pilot to Test Crypto Payouts With Twitter 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike