Ethereum traded at a three-week low on Friday, as the market sentiment ended. Less than 24 hours after the historic migration from proof-of-work (PoW) to a proof-of-stake (PoS) system, the world’s second largest cryptocurrency fell below $1,500 today. Bitcoin has hit multi-week lows.
Bitcoin
Bitcoin (BTC) fell below $20,000 on Friday ahead of an expected interest rate hike by the US Federal Reserve next week.
BTC/USD fell to $19,625.22 in today’s session, bringing the price closer to the $19,300 support.
Crypto markets have been in turmoil for most of the week following disappointing US inflation data.
The decline comes less than a day after the globally valued token traded as high as $20,370.00.
Looking at the chart, this recent drop in Bitcoin comes as the token hits a floor in the 14-day Relative Strength Index (RSI).
The index is currently tracking at 43.48, which will take it to the next possible move towards the 46.00 resistance. If this happens, we could see BTC trade above $20,000 again.
Ethereum
Ethereum (ETH) was in the red again in today’s session, the token fell to a two-week low.
Following yesterday’s session high of $1,594.54, ETH/USD dropped to $1,451.56 earlier today.
The move saw Ethereum approach, but not clash with, the key support point of $1,430, as bulls re-entered to push the price higher.
As of writing, the world’s second-largest cryptocurrency continues to trade near today’s bottom, its lowest point since August 29.
Many still believe that a reversal could come, once this red wave subsides, the bulls’ initial target could be a recapture of the $1,500 range.
A 100-basis point increase on the table next week’s Federal Open Market Committee (FOMC) meeting could be a key test for prices. As such, many are unsure how this will affect market confidence.
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Will Ethereum continue to trade lower this coming weekend? Leave your thoughts in the comments below.
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