Beginning the weekend, bitcoin traded in the $30,000 range as investors held onto their belief that an ETF approval would soon be on the horizon. This has been the hot subject of the week, with many speculating on the potential price spikes for cryptocurrencies in response to such news. From its top on Friday, Ethereum decreased.
Bitcoin
On Saturday, a portion of bulls sought to take advantage of this week's gains as Bitcoin hovered just below the $30,000 mark.
BTC/USD reached a high of $30,104.09 on Friday before dropping to a low of $29,816.64 so far today.
The largest cryptocurrency in the world, currently trading at $29,376.12, is still higher than its bottom from yesterday.
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| BTC/USD--Daily Chart |
The RSI's current value of 73.17 indicates that it has continued to remain in overbought zone as the momentum has slowed.
Given that this is the index's highest position since February, some traders are worried about a probable decline.
If this happens in the next few days, bears will probably try to drive bitcoin down below the $29,000 mark, which appears to be the next clear floor.
Ethereum
Although it started the weekend with a slight decline, Ethereum (ETH) is still trading over the $1,600 mark.
Early in the day, ETH/USD hit a low of $1,593.45 before bulls propelled price to a high of $1,610.11.
Overall, cryptocurrency traders still seem to be aiming for the long-term bottom of $1,650, with today's dip maybe serving as a pit stop.
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| ETH/USD--Daily Chart |
In contrast to bitcoin, ETH's price strength is currently tracking at 51.76 and has not yet crossed the overbought threshold.
This is just over a ceiling at 50.00, and the next significant resistance is in the neighborhood of 60.00.
Ethereum will very probably be trading above $1,650 if bulls push for this level.
Do you anticipate Ethereum to surpass $1,650 by the month's end? Post your opinions in the section below.