Ethereum dropped below $3,000 to start the weekend, as cryptocurrency prices fell for a second consecutive day. Bitcoin was also lower, giving up some of this week’s gains in the process.
Following a surge to a high above $45,000 to start the week, bitcoin prices fell for a third straight session, as bullish pressure seems to have calmed.
BTC/USD fell to an intraday low of $41,892.20 on Saturday, following a peak of $43,810.83 during yesterday’s session.
After attempting to breach the $44,750 resistance on Thursday, bitcoin’s price strength has weakened, moving closer to oversold territory.
The 14-day Relative Strength Index (RSI) is currently tracking at 54, following a high of 65 only 2-days ago.
This level of 54 appears to be a short-term floor, leading many to wait and see if it holds, which could then entice bulls to maintain open positions.
Despite the current bearish sentiment surrounding markets, price momentum, especially short-term, still trends higher, with BTC/USD still marginally up in the last seven days.
Bears will certainly continue to test this trend.
The decline of ethereum continued on Saturday, as the world’s second-largest cryptocurrency fell below its key support level.
ETH/USD fell to an intraday low of $2,888.66 today, which is the lowest price ETH has seen since February 4.
This eight-day low comes as price strength fell into oversold territory, breaking below the neutral zone of 50 on the 14-day Relative Strength Index.
Recent momentum has meant that ETH is trading over 3% lower in the last seven days, wiping out sizable gains made during the week.
Could ETH be moving towards support of $2,600? Leave your thoughts in the comments below.