Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000 to Start the Weekend

Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000 to Start the Weekend

ETH started the weekend trading below $2,000 as the price consolidation in crypto continued. Bitcoin is also trading lower during Saturday’s session, with the world’s largest cryptocurrency once again falling under $30,000. Bitcoin

Following marginal gains above the $30,000 level during yesterday’s session, BTC once again fell below this point.

Friday saw BTC/USD trading at a high of 30,664.98, however these gains were short-lived, with prices falling to a bottom of $28,793.61 earlier today.

As of writing, prices are down 3.27% to start the weekend, with this decline coming as bulls were unable to sustain the price floor at $28,800. BTC/USD -Daily Chart

The recent consolidation in bitcoin comes as a result of increased market uncertainty, following recent actions by the Federal Reserve, leading investors to move away from riskier assets.

This is encapsulated by the fact that BTC has only seen a marginal move in price over the past week, despite all the ups and downs.

Overall and as we speak, prices are down 0.25% from the same point last week, however sentiment seems to be more bearish as we head into the final week of May.

Ethereum

After briefly breaking back into the $2,000 level on Friday, ethereum once again slipped below this point.

To start the weekend, ETH/USD has so far dropped to an intraday low of $1,926.68, which is slightly under its current support point.

Following a bounce above its resistance of $1,950 on Friday, the world’s second-largest crypto token fell below this point earlier today. ETH/USD – Daily Chart

However, since reaching these lows, price strength has slightly risen, with ETH now trading $20 above this price floor.

As of writing, the 14-day RSI is still tracking within oversold territory, which is below 30, and close to a resistance of 35.

Bulls will still be optimistic about a potential rebound, providing that we see a breakthrough of the ceiling with the indicator. Tags in this story Analysis, Bitcoin, ETH

Will we see ETH end the weekend trading above $2,000? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a eclectic 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: SOL Slips Again as ATOM Drops 10% to Start the Weekend MARKET UPDATES | 9 hours ago Biggest Movers: Cosmos Climbs 15%, as AAVE Nears a 10-Day High MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSurvey Shows 87% of Americans Are Stressed About Inflation and Rising Costs of Everyday Goods Next articleCryptocurrency Is ‘Based on Nothing,’ Should Be Regulated, ECB’s Lagarde Says 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 ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether