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Ethereum fell below $1,200 to start the weekend as prices continued to trade near multi-week lows. This decline comes as market sentiment remained bearish after a big week of bearish economic data. Bitcoin also extended recent declines as traders remained jittery following news that financial auditor Mazars had suspended all work for crypto clients.

Bitcoin:

Bitcoin (BTC) extended recent declines on Saturday as markets remained jittery following recent uncertainty surrounding Binance’s proof-of-reserve audit.

The auditor responsible for the job, Mazars, decided to stop all of its work with crypto clients earlier this week, leading to a resurgence of bearish sentiment.

The news sent BTC/USD down for a third straight session, hitting a low of $16,584.70 to start the weekend.

BTC/USD – Daily Chart

Looking at the chart, BTC fell below the key support point at $16,700, hitting its lowest point since November 30 in the process.

Since then, prices have bounced back as the 14-day Relative Strength Index (RSI) has bounced off a low of 42.20 and is currently at 43.52.

The index now appears to be heading towards the 45.00 ceiling, which, if hit, could see Bitcoin once again reach the $17,000 mark.

Ethereum:

Ethereum (ETH) also remained in the red during today’s trading session as prices moved below the $1,200 mark.

After hitting a high of $1,278.16 on Friday, ETH/USD fell to an intraday low of $1,162.18 earlier in the day.

Like BTC, today’s decline sees ETH continue to trade near a five-week low ($1,150), with the RSI also tracking a multi-week low.

ETH/USD – Daily Chart

As can be seen from the chart, the index bounced off the 40.20 floor and is currently at 41.11.

In addition to this, the 10-day (red) moving average is now nearing a bearish intersection with its 25-day (blue) counterpart.

If this crossover forms, we could see ethereum fall to the $1,085 long-term level.

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Do you expect further drops in ETH this weekend? Leave your thoughts in the comments below.

Eliman Dumbledore

Elliman brings an eclectic perspective to market analysis, having previously been a brokerage director and retail educator. He currently acts as a commentator on various asset classes including Crypto, Stocks and FX.




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