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ETH and BTC prices were mostly unchanged early in the weekend as market activity slowed, mostly due to the Easter holiday. The price consolidation came after a week of bearish pressure that sent the world’s two largest cryptocurrencies toward key support levels.
Bitcoin
On Saturday, bitcoin traded slightly above the $40,000 level again as markets remained quiet due to the Easter vacation.
BTC/USD rose to an intraday peak of $40,618.84 early in the weekend, after a low of $40,009.09 early in the session.
The recent price consolidation came after a two-week streak in which bitcoin lost nearly $10,000 of its value.
Usually after a bullish or bearish trend, markets consolidate for a relatively short period of time as they prepare for either a continuation of the initial move or a change in direction.
On the chart, the 14-day RSI continues to be below the key resistance level of 44, which seems to be the main obstacle preventing the BTC bullish revival.
If recent sentiment persists, we could see a further drop to $39,600 before an impending extended rise.
Ethereum
ETH was also largely unchanged during Saturday’s session, as the world’s second-largest cryptocurrency tracked near price support.
After an earlier low of $3,001.12, ETH/USD rose only slightly, peaking at $3,046.20 at the time of writing.
This peak is about 0.49% above yesterday’s low, and the price again failed to make a significant gain after the week’s losses.
Since the beginning of the year, the price of ETH has approached this $3,000 support level four times, with bulls usually pushing prices higher.
Where the price traded near the current level, we usually saw no more than two days of consolidation before the rally began.
At the time of writing, prices are currently experiencing a second day of consolidation, which may incline bulls to look for entries on Sunday.
Image credits: Shutterstock, Pixabay, Wiki Commons
