, the world’s second-largest cryptocurrency, fell below the $1,600 mark in Friday’s trading session due to an intensification of bearish pressure. Despite reaching a high of $1,601.54 on Thursday, Ethereum slipped to an intraday low of $1,573.31 later in the day. This drop marked Ethereum’s lowest point since September 12 when it bottomed out at $1,549.
However, bullish investors have since responded to this dip with Ethereum rebounding to $1,597.46. The 10-day and 25-day moving averages are nearing each other, suggesting a possible upward cross in the near future. If this happens, Ethereum could experience a bull run over the weekend.
Earlier this week, the Federal Reserve decided to leave interest rates unchanged, leading to a consolidation in most cryptocurrency markets. This decision resulted in a nearly 1% decline in the global market cap.
Meanwhile, also continued its downward trajectory. Despite a marginal increase in Friday’s session, Bitcoin remained below its peak from Thursday of $26,786.10 and was nearly $1,000 short of a recent three-week high. The Bitcoin price had dropped to a low of $26,389.30 on Thursday before recovering slightly to $26,641.77.
The 14-day relative strength index (RSI), a measure of the speed and change of price movements, fell to a one-week low in the last 24 hours before stabilizing. The price strength is currently at 50.77, slightly above the support level of 50.00. If bullish traders decide to reenter after recent days of consolidation, they are likely to aim for the 56.00 level on the RSI.
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