Ethereum fell below $1,200 at the beginning of the weekend rice field. It continued to trade near multi-week lows. The drop comes as market sentiment remains bearish after a week of big economic data. Bitcoin also prolongs its recent decline as traders remain nervous following the news that financial auditor Mothers has suspended all operations for cryptocurrency clients.
Bitcoin
Bitcoin (BTC) extended Saturday’s recent decline. This is because the market has remained nervous following the recent uncertainty surrounding Binance’s reserve audit.
The bearish sentiment has returned as her Mazars, the auditor responsible for diligence, chose to suspend all work with crypto clients earlier this week.
As a result of this news,BTC/USD fell for his third straight time, hitting a low of $16,584.70 at the start of the weekend.
chart,BTC is important support points at $16,700, reaching its lowest point since November 30 in the process.
The price has since rebounded as the 14-day Relative Strength Index (RSI) bounced off a low of 42.20 and is now tracking 43.52.
Now the index appears to be moving towards his 45.00 ceiling. If this ceiling is reached, Bitcoin could reach $17,000 again.
Ethereum
Ethereum (ETH) also remained in the red during today’s trading session as the price fell below the $1,200 mark.
Following Friday’s high of $1,278.16,ETH/USD fell to an intraday low of $1,162.18 earlier in the day. Similar to
BTC, today’s decline continues ETH to trade near 5-week low ($1,150) and RSI near multi-week low
chart, the index is at 40.20 Bouncing off the floor, now at level 41.11.
Additionally, the 10-day (red) moving average is nearing a downward crossing with the 25-day (blue) moving average.
If this crossover materializes, Ethereum could fall to the long-term low of $1,085.
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