Ethereum Massive Drop: Ethereum Back Below $2000 Bitcoin Technical Analysis Bitcoin Drops 6% to Start the Weekend.Why after a strong coin recovery on Friday, cryptocurrency prices are back in the red today, ETH has also moved lower, with BTC dropping below $30,000 to start the weekend. Also, ETH coins dropped sharply in price below the $2000 level during the session on Saturday.
|BTC/USD - Cryptocurrency Daily Chart|
Ethereum Massive Drop: Ethereum Back Below $2000 Bitcoin Technical Analysis Bitcoin Drops 6% to Start the Weekend
After the Bitcoin price fell below $30K, the BTC/USD pair fell sharply to an intraday low of $28860.79 after rising nearly 10% during the Friday session, why after the strong recovery of the currency on Friday, cryptocurrency prices are back in the zone In the red, ETH was also lower, with BTC dropping below $30,000 to start the weekend. Also, ETH coin prices fell sharply below the 2000 level around
Bitcoin price plunged below $30,000 on Saturday, as cryptocurrencies returned to work to start the weekend.
The BTC/USD pair fell sharply to an intraday low on Saturday at $28,860.79 and as of earlier today after rising nearly 10% during Friday's session.
Just as the LUNA Terra finally seemed to have fallen into crypto uselessness, on Saturday the crypto's drop comes after prices peaked yesterday at $3,0924.80.
With the price of LUNA coins up nearly 2000% in today's session, however, the volatility and uncertainty this year in the markets likely contributed to the bitcoin selloff.
The RSI to the 14-day chart is now trading bearish, dropping to the low of 25, a floor that has not been breached since late January.
We could potentially look to bitcoin trading should this change happen, to bitcoin trading near $25,000 in the coming sessions.
Ethereum coin news
With ETH dropping sharply below $2,000 on Saturday, Ethereum, the world's second-largest cryptocurrency, also fell after the start of the weekend.
It is about 7% lower from yesterday's peak at $2,139.71, and the ETH/USD pair dropped to a low of $1,964.65 on Saturday.
Which was the starting point for currencies to rally sharply on Friday and as a result of today's move, prices are now hovering near the sharp support level of $1,950.
|Ethereum coin news ETH/USD – Daily Chart|
The 14-day RSI on Ethereum, similar to BTC, also tracks around 25, which is one point in more than four months.
As we have already seen ETH price drop sharply as low as $1,695 this week, and if the RSI continues to weaken, at these levels we may revisit these lows soon.
ETH has fallen sharply more than 26% from the past seven days, overall, with BTC trading roughly 20% lower in the same period.
Article source: news.bitcoin.com