Ethereum fell below $1,500 on Friday as cryptocurrency markets tumbled after gains earlier in the week. Bitcoin was also in the red during today’s session as the token edged closer to a break below $20,000. Overall, the global crypto market capitalization is down 1.90% at the time of writing.
Bitcoin (BTC) fell for a second straight day on Friday as bullish sentiment continued to fade.
After peaking at $21,022 on Wednesday, BTC/USD has fallen in back-to-back sessions, with today’s drop dropping the price to a low of $20,086.07.
Today’s decline in bitcoin comes as the USD continued to strengthen, following yesterday’s better than expected third quarter GDP figures of 2.6%.
In addition to a stronger dollar, momentum has shifted somewhat following a failed breach of a key ceiling within the Relative Strength Index (RSI).
Since failing to break above the 66.00 resistance, the index has fallen significantly and at the time of writing is trading at 56.82.
The 10-day (red) and 25-day (blue) moving averages now appear to be slowing their advance as well, which could lead to further price declines.
In addition to BTC, Ethereum (ETH) also slid in today’s session, dropping below the $1,500 level in the process.
ETH/USD plunged to an intraday low of $1,493.87, which comes less than 24 hours after hitting a high of $1,572.24.
Since breaking out of a key price level of $1,590 earlier in the week, the momentum has shifted somewhat in ETH as the bears slowly begin to re-enter the market.
As with bitcoin, the daily high of the bump pushed price strength into overbought territory, giving the bears an opportunity to resurface.
However, unlike BTC, the momentum of moving averages in Ethereum continues to remain higher.
This could be a sign of a potential price rebound this weekend, when traditional stock and currency markets are closed as traders focus solely on crypto.
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