{"id":15573,"date":"2022-12-17T13:59:07","date_gmt":"2022-12-17T13:59:07","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-drops-below-1200-to-start-the-weekend-market-updates-bitcoin-news\/"},"modified":"2022-12-17T13:59:07","modified_gmt":"2022-12-17T13:59:07","slug":"eth-drops-below-1200-to-start-the-weekend-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-drops-below-1200-to-start-the-weekend-market-updates-bitcoin-news\/","title":{"rendered":"ETH Drops Below $1,200 to Start the Weekend \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ethereum fell below $1,200 to start the weekend, as prices continued to trade close to a multi-week low. This decline comes as market sentiment remained bearish following a big week of economic data. Bitcoin also extended recent declines, as traders remained nervous following news that financial auditor Mazars paused all work for crypto clients.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) extended recent declines on Saturday, as markets continued to be nervous following recent uncertainty surrounding Binance\u2019s proof-of-reserves audit.<\/p>\n

The auditor in charge of the diligence, Mazars, opted to pause all of its work with crypto clients earlier this week, leading to a resurgence of bearish sentiment.<\/p>\n

As a result of this news, BTC<\/a>\/USD fell for a third straight session, hitting a low of $16,584.70 to start the weekend.<\/p>\n

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BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, BTC<\/a> fell below a key support point of $16,700, hitting its lowest point since November 30 in the process.<\/p>\n

Prices have since rebounded, as the 14-day relative strength index (RSI) bounced from a floor of 42.20, and is currently tracking at 43.52.<\/p>\n

The index now seems to be moving towards a ceiling of 45.00, which if hit, could see bitcoin reenter the $17,000 mark.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) also remained in the red during today\u2019s trading session, as prices moved below the $1,200 mark.<\/p>\n

Following a high of $1,278.16 on Friday, ETH<\/a>\/USD fell to an intraday low of $1,162.18 earlier in the day.<\/p>\n

Like BTC<\/a>, today\u2019s decline sees ETH<\/a> continue to trade close to a five-week low ($1,150), with the RSI also tracking near a multi-week bottom.<\/p>\n

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ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As can be seen from the chart, the index has bounced from a floor of 40.20, and is currently at the 41.11 level.<\/p>\n

In addition to this, the 10-day (red) moving average is now nearing a downward cross with its 25-day (blue) counterpart.<\/p>\n

Should this crossover take shape, we could see ethereum fall to a long-term floor of $1,085.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect any further declines in ETH<\/a> this weekend? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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