Home » ETH Falls Below $1,500 — Market Momentum Remains Bullish – Market Updates Bitcoin News

ETH Falls Below $1,500 — Market Momentum Remains Bullish – Market Updates Bitcoin News

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Ethereum fell below $1,500 on Friday. This is because the cryptocurrency market has fallen following its rally earlier in the week. Bitcoin was also in the red in today’s session as the token neared a breakout below $20,000. Overall, the global cryptocurrency market capitalization is down 1.90% at the time of writing.

Bitcoin

Bitcoin (Bitcoin) fell for a second straight day on Friday as bullish sentiment continued to fade.

Following Wednesday’s $21,022 peak, Bitcoin/USD continues to fall, falling to $20,086.07 in today’s decline.

Bitcoin’s sell-off today comes as the USD continues to rise after yesterday’s better-than-expected Q3 GDP figure of 2.6%.

Bitcoin, Ethereum Technical Analysis: ETH Breaks Below $1500, But Market Momentum Remains Bullish
Bitcoin/USD – daily chart

Momentum has changed somewhat following the strong dollar and the failure to breach a key cap in the Relative Strength Index (RSI).

Unable to break out of the 66.00 resistance, the index has fallen significantly, trading at 56.82 at the time of writing.

The 10-day (red) and 25-day (blue) moving averages also now appear to be slowing, which could lead to further price declines.

ethereum

In addition to BitcoinEthereum (ethereum) also fell in today’s session, dropping below $1,500 in the process.

ethereum/USD plummeted to an intraday low of $1,493.87 less than 24 hours after trading at a high of $1,572.24.

Momentum has shifted slightly since breaking the critical price level of $1,590 earlier in the week ethereumthe bears slowly begin to re-enter the market.

Bitcoin, Ethereum Technical Analysis: ETH Breaks Below $1500, But Market Momentum Remains Bullish
ethereum/USD – daily chart

Similar to Bitcoin, the Hump Day high pushed price strength into overbought territory, giving the bears a chance to resurface.

however, BitcoinEthereum’s moving average momentum continues to be high.

This could be a sign of a potential rally in prices this weekend, when traditional stock and currency markets are closed and crypto is the sole focus of traders.

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Do you think Ethereum will rise further this weekend? Leave your thoughts in the comments below.

Elliman Dumbbell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes including cryptocurrencies, stocks and FX.




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