Bitcoin and Ethereum values have been volatile in the aftermath of Russia’s invasion of Ukraine, with both plummeting to one-month lows on Thursday. Both have since risen away from these lows, in what appears to be a period of consolidation.
Bitcoin
As of this writing, cryptocurrency markets are up more than 7% on Friday, with bitcoin up 8% heading into the weekend.
This comes on the heels of yesterday’s low of $34,997.01, with BTC/USD reaching an intraday high of $38,968.84 earlier in the session.
BTC briefly rebounds on Friday, edging closer to the critical $40,000 barrier, which it hasn’t touched since the start of the week.
The 14-day RSI has also dipped somewhat, and now appears to be consolidating below the 43.8 barrier.
As long as prices remain between the $37,240 floor and the $39,640 ceiling, market uncertainty is expected to persist.
Current mood, on the other hand, appears to be more pessimistic, as the 10-day moving average continues to trend lower.
Ethereum
ETH’s price was also slightly higher, as bulls are unwilling to allow the world’s second largest cryptocurrency to fall below its long-term support.
As of this writing, ETH/USD is trading 9.20 percent higher, having reached a high of $2,689.05 after falling to an intraday low of $2,341.72 on Thursday.
Price strength has also increased, with the 14-day RSI breaking over its recent resistance level of 39.60 to trade at 40.80.
Following the rise, ETH is currently slightly above a stronger support level of $2,550, which has previously spawned multiple bull runs.
Despite this, traders are expected to remain cautious, as many believe that Russia’s invasion of Ukraine could deteriorate further, prompting investors to take a risk-averse stance.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
