Bitcoin, Ethereum Technical Analysis: ETH Heads Towards $1,200 Breakout on Saturday

Ethereum was once again nearing a breakout of its $1,200 level, as bearish sentiment returned to start the weekend. Following price rebounds on Friday, cryptocurrency markets were back in the red, and are trading 0.68% lower as of writing. Bitcoin also slipped in today’s session.

Bitcoin

Bitcoin (BTC) was once again trading lower to start the weekend, as the token moved back towards a recent price floor.

BTC/USD fell to an intraday low of $16,564.61 in today’s session, which comes less than a day after hitting a high of $16,795.20.

The move sees BTC move closer to this week’s support point of $16,000, which has been in place since the FTX collapse.

Looking at the chart, today’s drop in price comes as a hurdle was hit on the 14-day relative strength index (RSI).

This wall of 38.00 on the indicator has seemingly prevented bulls from recapturing the $17,000 mark, and in turn opened the door to a bearish reentry.

Should Saturday’s bearish momentum continue to intensify throughout the course of the weekend, BTC will likely edge closer to $16,000.

Ethereum

In addition to BTC, ethereum (ETH) also stumbled lower on Saturday, with prices nearing a breakout of the $1,200 level.

Following a high of $1,222.20 on Friday, the world’s second largest cryptocurrency dropped to a low of $1,200.48 earlier today.

The move came as ETH/USD fell below a recent ceiling of resistance at $1,220, with bulls now fighting to reject any further declines.

As of writing, ETH is trading at $1,209.44, as traders have so far rejected a drop below $1,200.

This is due to two things, first the 10-day (red) moving average has begun to trend upwards, which has brought back a level of bullish sentiment to the token.

In addition to this, the 14-day relative strength index (RSI) continues to track above a key floor of 37.75, which appears to be a major reason why we haven’t seen any further significant sell-offs.

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Could we see ethereum fall below $1,200 this weekend? Leave your thoughts in the comments below.