After a week of turmoil, cryptocurrencies have maintained this sentiment through the weekend. Both bitcoin and ethereum are moving lower. Bitcoin fell below $17,000 again on Saturday after it was reported that a hacker had occurred on FTX. Ethereum also fell today as the token remained at $1,300.
Bitcoin
Bitcoin (BTC), which was previously below $17,000, fell to begin the weekend as markets reacted the latest news about FTX.
According to reports, FTX was hacked and $600 million was withdrawn from its collapsing platform.
BTC plunged into the red following a week of FTX-related news.
BTC/USD – Daily Chart
BTC/USD fell to an intraday low at $16,543.48 Saturday, less than 24 hour after it reached a high of $17.480.18.
As you can see from the chart, the 14-day relative strengths index (RSI), currently tracks at 34.82. This is lower than the ceiling of 38.00.
Bulls looking to move back towards $18,000 would likely need to break through the resistance.

Ethereum
Ethereum (ETH), which started the weekend below $1300, saw the token move below a key support level.
Following a high of $1,301.80 on Friday, ETH/USD slipped to a bottom of $1,211.33 earlier in today’s session.
This drop in price saw the world’s second largest cryptocurrency fall below a floor of $1,225 on Saturday.
ETH/USD – Daily Chart
The chart shows that the selloff occurred as a downward crossover between moving averages 10-day (red) & 25-day (blue).
This cross has led to some believing that ETH could soon reach $1,000. There is also the possibility of further drops below that point.
Currently, RSI is at 40.82. Next floor will be at 38.15. If price strength fails to hold at this level, then the likelihood of the aforementioned plunge to $1,000 will increase.
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Eliman Dambell

Eliman brings a different perspective to market analysis. He is a former brokerage director and retail trading teacher. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

Image Credits – Shutterstock, Pixabay and Wiki Commons

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