Ethereum moved closer to the $1,900 level on Saturday, as cryptocurrency markets made marginal gains. At the time of analysis, the global market capitalization has risen modestly by 0.32%, mirroring the effects of Friday’s U.S. consumer sentiment report, which fell short of expectations. Contrary to the projected sentiment of 72.6, the actual figure hovered at 71.6. Concurrently, bitcoin witnessed an uptick in its price.
Bitcoin
Bitcoin (BTC) moved above a key support point of $29,200 on Saturday, as cryptocurrency markets continued to consolidate.
Following a low of $29,186.47 on Friday, BTC/USD jumped to an intraday peak at $29,521.51 earlier in today’s session.
BTC has mostly consolidated this past week, as traders attempted to find a firm floor, after recent selloffs.
Today’s consolidation comes as the relative strength index (RSI) appeared to have found its own floor at the 43.00 mark.
At the time of writing this, the index is now tracking at 43.95, and appears to be heading for a ceiling at 48.00.
In the event price strength reaches this point, there is a good chance BTC could be trading above $29,800.
Ethereum
After a volatile few days, ethereum (ETH) made strides towards the $1,900 level to start the weekend.
ETH/USD peaked at $1,881.46 earlier in the day, which comes following Saturday’s bottom at the $1,865.45 mark.
Ethereum has failed to climb above the $1,900 point since last Sunday, and has mostly been in a downtrend since a move over $2,000 earlier in the month.
The RSI is on the cusp of breaking out of a resistance level at 49.00, which could help tempt previous bulls to reenter the market.
Should this occur, the 10-day (red) moving average might also change its current course, and potentially move back over its 25-day (blue) counterpart.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ethereum to rally over $2,000 in August? Leave your thoughts in the comments below.
