Cryptocurrencies were trading below key levels on Friday, as investors await a key release of economic data. The University of Michigan releases its monthly consumer sentiment report, which is expected to come in lower than February’s sum. Bitcoin and Ethereum both declined in today’s session.
Bitcoin (BTC) dropped underneath the $28,000 level on Friday, as traders were unable to sustain a breakout above the $28,500 level.
BTC/USD slipped to an intraday low of $27,583.72 in today’s session, which comes a day after the price rose to a high of $28,683.53.
The index is tracking at the 60.84 level, marginally above a lower floor at 59.00. BTC is now trading at $27,928.58.
Some movement is likely following this afternoon’s data release.
Ethereum (ETH) was trading below $1,800, as prices failed to breakout from a recent key resistance point.
ETH/USD fell to an intraday low of $1,766.25 in today’s session following a high of $1,827.28 on Thursday.
The world’s second largest cryptocurrency is now trading at $1,795.69, with the 14-day relative strength index (RSI) at 57.35.
Should the RSI surge past the 58.00 mark, then ETH will likely be back above $1,800.
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Can Ethereum break out past $1,830? Share your thoughts in the comments section.
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