Ethereum was once again trading close to its support of $2,550 on Saturday, as crypto markets continue to consolidate. Following strong gains on Tuesday, BTC and ETH have both mainly traded sideways, as price uncertainty grips markets.
Bitcoin is down just over 1% as of writing, as the world’s largest cryptocurrency continued to trade below $40,000 to start the weekend.
On Saturday, BTC/USD has so far fallen to an intraday low of $38,432.93, following an earlier high of $39,510.69.
Today’s high is roughly $1,000 lower than yesterday’s peak, where we saw bitcoin hit a high of over $40,300 in the session.
As of writing, the 14-day RSI is still tracking at 47, which is marginally below recent resistance of 48.12.
Bulls appear to be waiting for a breakout of this level before truly re-entering, in a similar fashion to March 8, when news of U.S. President Joe Biden’s executive order was announced.
We will likely continue to see consolidation until a significant amount of price strength enters the market, bullish or bearish.
Ethereum is trading close to its support of $2,550 to start the weekend, a position where it has remained during the last few sessions.
Following a high of $2,631.49 on Friday, ETH/USD hit an intraday low of $2,536.97 during today’s session, as bears continue to press ahead.
Bulls did push back on this however, with ETH now trading at $2,586.08 as of writing, which is 1.41% lower than yesterday’s high.
Price momentum maintains a downward trend, as can be seen from both the 10-day and 25-day moving averages.
However, the proximity of these means that we could see a rebound, or reversal at any time, which is a prospect that will likely keep bulls on their toes.