Started by Bitcoin, Feb 25, 2022, 03:59 pm
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Following ’s invasion of e, volatility in bitcoin and ethereum prices intensified, with both falling to one-month lows on Thursday. Both have since moved away from these lows so far today, in what looks like temporal consolidation.
As of writing, cryptocurrency markets are up by over 7% on Friday, with bitcoin trading 8% higher heading into the weekend.
This comes following a low of $34,997.01 yesterday, with BTC/USD hitting an intraday high of $38,968.84 earlier in today’s session.
Friday’s move sees BTC momentarily rebound, and edge closer to the key $40,000 level, which it hasn’t hit since the beginning of the week.
Looking at the chart, the 14-day RSI has also tailed off slightly, and now looks to be consolidating below the 43.8 resistance.
As long as prices remain between the floor of $37,240 and ceiling of $39,640, market uncertainty will likely extend.
However, current sentiment seems to be more bearish, as the 10-day moving average continues to trend downwards.
The price of ETH was also marginally higher, as bulls seem reluctant to let the world’s second largest cryptocurrency fall below its long-term support.
As of writing, ETH/USD is trading 9.20% higher, after rising to a peak of $2,689.05, following Thursday’s intraday low of $2,341.72.
Price strength also climbed, with the 14-day RSI breaking beyond its recent resistance point at 39.60, and currently is tracking at 40.80.
Following the move, ETH now sits slightly above a higher support of $2,550, a level which has birthed several bull runs in the past.
Despite this, traders are likely to remain cautious, as many fear that ’s invasion of e will only worsen, leading to investors taking a risk-off approach.
Do you expect ETH to decline further heading into the weekend? Leave your thoughts in the comments below.
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