ETHtraded near an 11-month low, trading lower for the third consecutive session on Friday. This was while the overall market capitalization of cryptocurrencies was down almost 1% at the time of this writing. Bitcoin rose slightly despite today’s volatility.
Bitcoin
Bitcoin rose slightly in today’s session, with prices consolidating in the aftermath of Thursday’s decline.
Yesterday sawBTC/USD fell to an intraday low of $28,261.91, a two-week low, but prices have rebounded somewhat today.
So far on Friday, bitcoin has surpassed its bottom at $28,800, peaking at $29,696.16 in the process.
This rally has lifted the price by about 1%, but price uncertainty remains as it is near current support levels.
Relative strength has risen slightly and now sits at 38.45, just one step away from the ceiling at 39.80.
Should BTCaim for $30,000 later this week, bulls will need to unite and push up this resistance level on the RSI indicator.
Ethereum
ETHfell to a multi-week low for a second session of bounce on Friday as bearish pressure intensified.
After reaching a high above $1,960 in Thursday’s session,ETH/USD fell to a low of $1,727.49 earlier today.
The move brought Ethereum to a two-week low and sent prices down to their lowest level since May 12, forming a new support point.
The chart shows that this level is at the $1,750 level, just above the 11-month low of $1,705.
Price is now deeply oversold and the 14-day RSI is at 32.11. If this approaches 30, further declines are possible.
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