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