Ethereum traded nears its $2,550 support again on Saturday, as cryptocurrencies continue to consolidate. Bitcoin and Ethereum have mainly hovered sideways since the massive upsurges on Tuesday. Sideways actions emerge as the market sees heightened uncertainty.
Bitcoin trades about 1% down at this publication, as the leading crypto by value remains beneath $40K towards the weekend. Today’s session had BTC/USD plunging to intraday lows at $38,423.94 after an early high near $39.510.68.
Bitcoin’s high today (Saturday) is approximately $1,000 lower than Friday’s high when the bellwether crypto hit the highs of $40.3K.
BTC/USD Daily Chart
The 14-day Relative Strength Index still tracks at 47 at this publication. That way, the indicators stay marginally under the latest resistance of 48.12. Bulls seem to wait for a breakout at this zone before re-entering, as they did on March 8, when Joe Biden signed the executive order on cryptocurrency.
Bitcoin will likely consolidate until the market sees a significant price strength, bearish or bullish.
The latest price actions have Ethereum hovering around the $2,550 support as we enter the weekend. Remember, the second-largest crypto has traded around this value area over the past couple of sessions.
Bearish actions saw ETH hitting intraday lows at $2,536.98, following Friday’s peak of $2,631.48. Moreover, bears seem to press for dominance. Nevertheless, bulls pushed back, and Ether trades around the $2,586.07 at this publication, translating to a 1.4% plunge from yesterday’s peak.
ETH/USD Daily Chart
Ethereum price actions maintain a downside trend, according to the 10- and 25-day MAs. Nevertheless, the proximity by these moving averages suggests a potential reversal, or rebound at any time, a projection that may likely have bulls on toes.
Moreover, ETH sees downward pressure and might crash to $1,825. The bearish outlook emerges as the alt responds to increasing selling momentum across exchanges. Ethereum lost around 2.7% over the previous week.
Meanwhile, the escalated Russia-Ukraine war continues deteriorating market sentiments while surged inflation adds pressure to the financial space. Such developments might trigger downtrends in the cryptocurrency markets.
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