ETH started weekend trading below $2,000 as price consolidation in crypto continued. Bitcoin is also trading lower during Saturday’s session, with the world’s largest cryptocurrency falling below $30,000 again.

Bitcoin

After marginal gains above $30,000 during yesterday’s session, BTC fell below this point again.

On Friday, BTC/USD traded at a high of 30,664.98, but those gains were short-lived as prices fell to a low of $28,793.61 earlier today.

At the time of writing, prices are down 3.27% at the start of the weekend, with the decline coming as the bulls failed to hold the price floor of $28,800.

Bitcoin, Ethereum technical analysis: ETH back below $2,000 to start the weekend
BTC/USD daily chart

The recent consolidation in Bitcoin is the result of heightened market uncertainty following the Federal Reserve’s recent actions, which prompted investors to steer clear of riskier assets.

This is underscored by the fact that despite all the ups and downs, BTC has seen little price action over the past week.

Overall and as we speak, prices are down 0.25% from where they were last week, however sentiment appears to be more bearish as we head into the final week of May.

ether

After briefly breaking back into $2,000 on Friday, Ethereum slipped below that point again.

Starting the weekend so far, ETH/USD has fallen to an intraday low of $1,926.68, which is slightly below its current support point.

After jumping above its $1,950 resistance on Friday, the world’s second-largest crypto token fell below that point earlier today.

Bitcoin, Ethereum technical analysis: ETH back below $2,000 to start the weekend
ETH/USD daily chart

However, since hitting these lows, price strength has picked up slightly, with ETH now trading $20 above this price floor.

As of this writing, the 14-day RSI is still floating in the oversold territory, lying below 30 and close to 35 resistance.

Bulls will still be bullish on an eventual rebound provided we see a ceiling break with the indicator.

Will ETH End Weekend Trading Above $2,000? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings an eclectic perspective to market analysis, having worked as a broker director, retail educator, and market commentator for crypto, stocks, and forex.




photo credit: Shutterstock, Pixabay, WikiCommons

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