Bitcoin, Ethereum Technical Analysis: ETH Remains Close to Support of $2,550 to Start the Weekend

Ethereum was once again trading close to its support of $2,550 on Saturday, as crypto markets continue to consolidate. Following strong gains on Tuesday, <a class="lar-automated-link" href="https://markets.bitcoin.com/crypto/BTC" 311996 target="_blank">BTC and ETH have both mainly traded sideways, as price uncertainty grips markets.

Bitcoin

Bitcoin is down just over 1% as of writing, as the world’s largest cryptocurrency continued to trade below $40,000 to start the weekend.

On Saturday, BTC/USD has so far fallen to an intraday low of $38,432.93, following an earlier high of $39,510.69.

Today’s high is roughly $1,000 lower than yesterday’s peak, where we saw bitcoin hit a high of over $40,300 in the session.

As of writing, the 14-day RSI is still tracking at 47, which is marginally below recent resistance of 48.12.

Bulls appear to be waiting for a breakout of this level before truly re-entering, in a similar fashion to March 8, when news of U.S. President Joe Biden’s executive order was announced.

We will likely continue to see consolidation until a significant amount of price strength enters the market, bullish or bearish.

Ethereum

Ethereum is trading close to its support of $2,550 to start the weekend, a position where it has remained during the last few sessions.

Following a high of $2,631.49 on Friday, ETH/USD hit an intraday low of $2,536.97 during today’s session, as bears continue to press ahead.

Bulls did push back on this however, with ETH now trading at $2,586.08 as of writing, which is 1.41% lower than yesterday’s high.

Price momentum maintains a downward trend, as can be seen from both the 10-day and 25-day moving averages.

However, the proximity of these means that we could see a rebound, or reversal at any time, which is a prospect that will likely keep bulls on their toes.

Could we see some reversal this weekend? Leave your thoughts in the comments below.