Ethereum continues to trade near the $3,000 support level on Good Friday as some financial markets were closed for the holiday weekend. As a result, volatility decreased slightly, with BTC also near a support level near $40,000 during today’s session.
Bitcoin traded lower during Friday’s session as volatility in the cryptocurrency markets eased somewhat due to the Easter vacation.
After hitting a high of $41,245.49 on Thursday, BTC/USD was down 2%, falling to a low of $39,695.74.
Today’s drop brought prices closer to the long-term low of $39,600, but BTC has bounced back, a move that now appears to be a false breakout.
Now trading around $40,200, the bulls are still determined to keep the price above $40,000, even though the momentum of the 10-day and 25-day moving averages is mostly bearish.
The 14-day RSI also continues to remain in oversold territory after failing to break beyond the 42.65 resistance level earlier this week.
Looking at the chart, we may continue to see price consolidation until there is a breakout at either the bottom 38 or the ceiling 42 on the RSI indicator.
Like bitcoin, ethereum also traded near a long-term support point of $3,000 on Friday, after a failed attempt to overcome a key resistance level.
On Thursday, ETH/USD failed to break through the ceiling at $3,150, causing prices to fall back to the $3,000 support level.
As a result, ETH fell to an intraday low of $2,988.44 earlier in Friday’s session and is currently down 1.5% for the day.
Since reaching that bottom, the bulls have helped recapture the $3,000 level, and this comes amidst the fact that the 14-day RSI indicator also seems to have found support.
That bottom is the 44 level, where price has remained strong since yesterday, as shown by the sideways trend on the chart.
Despite this, it is likely that some traders will try to take advantage of the relatively quiet session by trying to reverse momentum on either side of the current support levels.
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