The weekend began with Bitcoin in consolidation as traders appeared to have discovered a new price floor near $26,500. The pricing uncertainty comes as markets have stabilized after a turbulent week highlighted by the Federal Reserve's interest rate announcement. ETH continues to trade below $1,600.
Bitcoin
Earlier in the session, BTC/USD fell to a low of $26,389.30 after reaching a high of $26,786.10 on Friday.
Since then, the price of bitcoin has increased and is currently trading at $26,581.84 per unit.
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| BTC/USD--Daily Chart |
The bounce seems to have occurred since the relative strength index (RSI) was unable to break through its own floor at 50.00.
Price strength is currently tracking at 50.01, and should this level hold, bulls may feel inclined to reenter the market.
The 10-day (red) trend line is continuing higher, and moving averages continue to suggest that an upcoming upswing may be in the works.
Ethereum
Even though bulls tried to re-enter this area on Saturday, Ethereum (ETH) remained below $1,600.
After bulls drove price to a high of $1,599.97 earlier in the day, ETH/USD fell to a low of $1,587.43 to start the weekend.
With ethereum currently trading around $1,593.07, it appears that there may be another effort to move past this level.
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| ETH/USD--Daily Chart |
In contrast to bitcoin, an upwards crossover of moving averages has not yet happened, but it appears as though it might at any moment.
In the end, this might be the cue bulls need to increase pressure and possibly engulf existing sellers.
Do you anticipate today's ethereum price to rise above $1,600? Post your opinions in the section below.