Bitcoin, Ethereum Technical Analysis: ETH Selloff Intensifies Heading Into the Weekend

ETH was trading lower for a third straight session on Friday, as prices neared an 11-month low. This comes whilst the overall cryptocurrency market cap was down almost 1% as of writing. Bitcoin was slightly higher despite today’s increased volatility.

Bitcoin

Bitcoin marginally rose during today’s session, with prices consolidating in the aftermath of Thursday’s decline.

Yesterday saw BTC/USD drop to an intraday bottom of $28,261.91, which was a two-week low, however prices have somewhat rebounded today.

So far on Friday, bitcoin has moved above its floor of $28,800, hitting a peak of $29,696.16 in the process.

This gain sees prices up by almost 1%, however price uncertainty still remains, due to its current proximity to the support level.

Relative strength has also marginally risen, and now sits at 38.45, which is a stone’s throw away from a ceiling of its own at 39.80.

Should BTC make a run for $30,000 this weekend, bulls will need to band together and push past this resistance level on the RSI indicator.

Ethereum

ETH fell to a multi-week low for the second session on the bounce, as bearish pressure intensified on Friday.

Following a high above $1,960 during Thursday’s session, ETH/USD dropped to a low of $1,727.49 earlier today.

This move took ethereum to a fresh two-week low, with prices dropping to their lowest point since May 12, with a new support point being formed.

Looking at the chart, this level seems to be the $1,750 level, which is marginally above an 11-month low at $1,705.

Prices are currently deeply oversold, with the 14-day RSI hovering at 32.11. Should we see this move closer to 30, then it is likely that further drops will come.