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 (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.
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 (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.
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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