After a string of recent declines, ETH continued to trade near a six-week low as the weekend began. BTC was also lower on Saturday as the world’s largest cryptocurrency stayed closer to a two-month low.

Bitcoin

BTC traded lower again on Saturday as prices struggled to find a bottom after Friday’s sell-off.

After hitting an intraday low of $35,482.13 during yesterday’s session, BTC/USD is marginally higher but still close to its two-month low.

In today’s session so far, BTC has surged to a high of $36,357.75, which is about 0.26% higher than yesterday’s low.

BTC/USD daily chart

Crypto prices have fallen over the past three days as markets reacted to the Fed’s interest rate decision and the recent nonfarm payrolls report.

Markets are sold-off across the board with the Dow Jones down over 1,000 points over the past few days.

Many believe this is due to traders taking a risk-free approach as inflationary pressures continue to grip participants with anxiety.

As of this writing, BTC seems to have found a temporary bottom of $35,530 with some hoping that this could be a starting point towards $37,000.

ether

On Saturday, ETH also tried to find some form of price support as prices struggled to move away from a six-week low.

After three consecutive sessions of declines, the world’s second largest cryptocurrency appeared to have found support at $2,660.

This potential support point comes after the price fell to a low of $2,645.34 on Friday after rallying to a high of $2,721.10 since then.

ETH/USD daily chart

This price decline comes as the 14-day RSI also hit a bottom of its own at 39.10, its lowest level since last Saturday.

Bulls will be inspired by what happened on March 16th when we saw a rebound from this current price point, resulting in a price surge of almost $1,000.

However, if this floor does not hold, the bears are likely to seek exits at $2,500.

Do you expect bulls or bears to prevail this weekend? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings a diversified perspective to market analysis, having worked as a broker director, retail educator, and market commentator in the crypto, equities, and forex sectors.




photo credit: Shutterstock, Pixabay, WikiCommons

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