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by Eliman Dambell
ETH started the weekend trading below $2,000 as the price consolidation in crypto continued. Bitcoin is also trading lower during Saturday’s session, with the world’s largest cryptocurrency once again falling under $30,000.
Following marginal gains above the $30,000 level during yesterday’s session, BTC once again fell below this point.
Friday saw BTC/USD trading at a high of 30,664.98, however these gains were short-lived, with prices falling to a bottom of $28,793.61 earlier today.
As of writing, prices are down 3.27% to start the weekend, with this decline coming as bulls were unable to sustain the price floor at $28,800.
The recent consolidation in bitcoin comes as a result of increased market uncertainty, following recent actions by the Federal Reserve, leading investors to move away from riskier assets.
This is encapsulated by the fact that BTC has only seen a marginal move in price over the past week, despite all the ups and downs.
Overall and as we speak, prices are down 0.25% from the same point last week, however sentiment seems to be more bearish as we head into the final week of May.
After briefly breaking back into the $2,000 level on Friday, ethereum once again slipped below this point.
To start the weekend, ETH/USD has so far dropped to an intraday low of $1,926.68, which is slightly under its current support point.
Following a bounce above its resistance of $1,950 on Friday, the world’s second-largest crypto token fell below this point earlier today.
However, since reaching these lows, price strength has slightly risen, with ETH now trading $20 above this price floor.
As of writing, the 14-day RSI is still tracking within oversold territory, which is below 30, and close to a resistance of 35.
Bulls will still be optimistic about a potential rebound, providing that we see a breakthrough of the ceiling with the indicator.
Will we see ETH end the weekend trading above $2,000? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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