Ethereum continued to trade around a key price floor of $1,630 on Thursday, as price uncertainty in the market remained high. Volatility has slowed in recent days, leading to crypto prices mostly trending sideways. Bitcoin fell below a support point of its own earlier in today’s session.
Bitcoin
Bitcoin was trading marginally lower on Thursday, as the cryptocurrency moved below a key point of support.
BTC/USD bottomed out at $25,404.36 earlier in the day, less than 24 hours after peaking at $25,953.02.
The decline saw bitcoin fall under a price floor of $25,600, before bulls intervened to send the cryptocurrency higher.
At the time of writing, BTC is now trading at $25,701.34, which sees price below $26,000 for a third straight day.
Although sentiment has been mostly bearish, price stability has largely remained, with traders so far avoiding a drop under $25,000.
This could be tested as we head towards next week, with several key economic announcements set to be released in the United States.
Ethereum
Ethereum (ETH) tracked close to a support point of $1,630 for a fourth straight session, as traders continued to fight to secure marker momentum.
Following a low $1,611.15 on Wednesday, ETH/USD spiked to a peak of $1,656.93 earlier in the day.
Price has since slipped, with the world’s second largest cryptocurrency now trading around the $1,626.20 level.
The decline came as the 14-day relative strength index (RSI) hovered near a floor of its own at 36.00.
Looking at the chart, the index is now tracking at 36.30, with a move lower likely to trigger an increase in bearish pressure.
A move below $1,600 remains a real possibility for the coming days.
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Could we see a downtrend occur as we head into the weekend? Leave your thoughts in the comments below.
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