Ethereum remained above $2,100 to start the weekend, despite crypto markets moving into consolidation. Following this week’s gains, traders have seemingly started to secure gains, with the global market cap down by 0.52% as of writing this. Bitcoin has fallen below yesterday’s peak above $31,000.
Bitcoin (BTC) moved back below the $31,000 level on Saturday, as cryptocurrency markets consolidated to start the weekend.
Following a high of $31,005.61 on Friday, BTC/USD dropped to a low of $30,044.50 earlier in today’s session.
Yesterday’s peak saw bitcoin climb to its highest level since June 7, which has seemingly prompted bulls to secure gains.
Looking at the chart, the decline in price comes as the 14-day relative strength index (RSI) collided with a ceiling at 71.00.
At the time of writing, the index is now tracking at 70.18, which is marginally higher than a floor at 68.00.
In the event the RSI drops below 70.00 there is a good chance that even more bulls could vacate earlier positions, in order to protect recent profits.
Although relatively lower than Friday’s high, ethereum (ETH) continued above $2,100 so far in Saturday’s session.
ETH/USD fell to an intraday bottom at $2,049.08 earlier in the day, however, has since recovered and is currently trading at $2,103.18.
This is marginally lower than yesterday’s peak of $2,120.59, which saw ETH trade at its strongest point since last May.
Similar to bitcoin, ethereum, which is the world’s second-largest cryptocurrency, has collided with a ceiling on the RSI indicator.
The aforementioned point of resistance at 75.00 was hit on Friday, with the index now tracking at 74.88.
Should ethereum bulls move beyond this point, there is a possibility that prices could head closer to $2,200 this weekend.
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum fall below $2,000 this weekend? Leave your thoughts in the comments below.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.