In today's session, Ethereum, which started to decline on Friday, dropped below the $1,600 mark. Since the Federal Reserve decided to leave rates steady earlier this week, the cryptocurrency markets have largely stabilized; as of this writing, the global market cap has decreased by almost 1%. Bitcoin's downward trend persisted.
Bitcoin
Bitcoin (BTC) was slightly higher today after hitting its lowest level since Monday late yesterday.
BTC/USD hit a low of $26,389.30 on Thursday before rising to $26,641.77 as of this writing.
This, however, is still below the highest from yesterday of $26,786.10 and is about $1,000 behind a recent three-week high.
The decrease coincides with the 14-day RSI hitting a one-week low in the previous 24 hours before finding a steady floor.
Price strength is currently tracking at 50.77, well above the previously noted support level of 50.00.
Bulls would probably aim for the 56.00 level on the indicator if they decide to enter the market again following recent consolidation days.
Ethereum
In today's session, Ethereum (ETH) dropped below the $1,600 mark as bearish pressure grew stronger.
After reaching a high of $1,601.54 on Thursday, ETH/USD later fell to an intraday low of $1,573.31.
Since the price of ethereum bottomed out at $1,549 on September 12, this was the lowest position it had ever reached.
The second-largest cryptocurrency in the world has since been acquired by bulls, rebounding to a price of $1,597.46.
As a result, the 10-day (red) and 25-day (blue) moving averages are getting close to one another, and an upward cross is likely.
If it does, this weekend might see a bull run in ETH.
What will happen to Ethereum this weekend? Post your opinions in the section below.