Ethereum Markets ended the week trading at multi-week lows after dropping below the $1,200 mark. This follows a week of economic data releases and a bearish sentiment in the markets. Bitcoin prices also continued to fall in the wake of recent news regarding an audit of a financial auditor, Mazars, which has stopped providing services to crypto clients.
Bitcoin (BTC) saw a continuation of its recent declines on Saturday, with investors remaining cautious in the face of the uncertain audit by Binance of its reserves.
The audit firm, Mazars, decided to halt all work with crypto clients earlier in the week, leading to a resurgence of bearish sentiment. As a result, BTC/USD dropped for the third consecutive session and hit a low of $16,584.70 at the start of the weekend.
The chart shows that BTC dropped below the $16,700 support level, hitting its lowest point since November 30.
The 14-day RSI rose from a low of 42.20 to its current level of 43.52, and appears to be heading towards a 45.00 upper limit. If this is reached, the index could see a significant drop in its value and Bitcoin could re-enter the $17,000 threshold.
Ethereum (ETH) was also trading in the red today, with prices dropping below the $1200 mark.
The highest price of $1,278.16 was reached on Friday, with the intraday low of $1,162.18 for the USD being hit earlier in the day.
Like BTC, today’s fall in ETH saw ETH trade close to a five week low ($1,150), and the RSI tracking close to a multi-week high.