Ethereum rallied to a fresh three-week high to start Saturday’s session, but the gains faded as the day progressed. The token continues to trade above $1,700 as market sentiment remains bullish. Bitcoin had a similar day, with the token slowly losing steam, after a failed breakout of a key resistance level.
Bitcoin (BTC) continued to trade above $21,000 on Saturday, but yesterday’s bullish momentum had faded slightly.
BTC/USD hit a high of $21,613.86 earlier in today’s session, but prices then fell to an intraday low of $20,651.06.
The decline came as the token was unable to sustain a breakout of its $21,600 resistance point as the bears struggled against the move.
Looking at the chart, the decline comes as the 14-day Relative Strength Index (RSI) appears to be colliding with its own resistance level at 55.40.
At the time of writing, bitcoin is now trading at $21,356.34 as momentum slowly returns, but until the RSI breaks above the aforementioned cap, we may not see any further substantial gains.
On top of that, the 10-day moving average (red) is now on the cusp of a cross with its 25-day counterpart (blue). This could be another catalyst for further price gains.
Ethereum (ETH) was generally higher to start the weekend as the token broke above its own resistance level.
On Saturday, the second largest token in the world hit a high of $1,739.43. This happened as prices broke through a high of $1,700.
There have been some declines since the previous high, with ETH/USD now trading at $1,721.15.
As with bitcoin, it appears the bulls opted to close out previous positions and secure profits, as market uncertainty grew.
From the chart, it looks like the 14-day RSI played a role in this volatility, with the index now sitting at 58.00, which is close to a high of 60.00.
The bulls continue to target $1,800, but to capture that point, price strength will need to overcome its next hurdle.
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Do you expect market sentiment to turn bearish this weekend? Leave your thoughts in the comments below.
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