Prices of ETH and BTC were mainly unchanged to start the weekend, as market activity slowed, mainly due to the Easter holiday. Price consolidation comes after a week of bearish pressure that sent the world’s two largest cryptocurrencies towards key support levels.
Bitcoin
Bitcoin was trading slightly above the $40,000 level again on Saturday as markets remained quiet following the Easter holiday.
BTC/USD rose to an intraday peak of $40,618.84 to start the weekend, following a low of $40,009.09 earlier in the session.
The recent price consolidation follows a two-week streak that saw bitcoin lose nearly $10,000 from its value.
Typically, following a bullish or bearish trend within a relatively short span of time, markets will consolidate, as they prepare for either an extension of the initial move, or a change of direction.
Looking at the chart, the 14-day RSI continues to hover below a key resistance level at 44, which appears to be the main hurdle preventing a resurgence of the BTC bulls.
If recent sentiment continues, we may see some further declines back towards $39,600 prior to any upcoming extended gains.
Ethereum
ETH also remained virtually indifferent in Saturday’s session as the world’s second-largest cryptocurrency trailed near its price support.
Following an earlier low of $3,001.12, ETH/USD only marginally rose, hitting a peak of $3,046.20 as of writing.
This spike is around 0.49% higher than yesterday’s low and once again sees the price failing to make meaningful gains after losses over the week.
Since the beginning of the year, the price of ETH traded close to this $3,000 support level on four occasions, with bulls typically pushing prices higher.
On the occasions when the price has traded around the current level, we usually see no more than two days of consolidation, before a rally.
As of writing, prices are currently seeing the second day of consolidation, which could potentially tempt bulls to look at entries on Sunday.
