Cryptocurrency Market Update: Bears return on Saturday, Ethereum eyes 8% weekly loss
- Sellers return across the crypto board amid quiet Saturday trading.
- Bitcoin is better positioned among the most favorite crypto coins.
- The crypto market looks unconvinced over the recent recovery rally.
Major coins’ price overview
- Bitcoin (BTC/USD) holds the lower ground just below $10,700, having faced rejection around $10,800 levels on a couple of occasions. The no.1 crypto coin looks south, with eyes on the $10,500 mark, after a rising wedge breakdown was confirmed on the hourly sticks. The price continues to battle the critical 200-SMA on the hourly chart, at the moment, trading near 10,680. Bitcoin enjoys a market capitalization of $198.26 billion and remains on track to book a 3% weekly loss.
- Ethereum (ETH/USD) is the No. 2 most traded crypto coin, with a current market capitalization of $39.65 billion. The spot has returned to the red zone this Saturday after two consecutive days of solid recovery witnessed from three-week troughs of $313. The ETH bulls are facing a hard time surviving above the $350 level or the 21-SMA on the hourly chart. Ethereum eyes a weekly loss of 8%, the worst performer when compared to its peers, Bitcoin and Ripple.
- Ripple (XRP/USD) turned south while trading in a narrow range this Saturday. The No. 3 coin reversed early gains to now trade nearly 1% lower around 0.2400, tracking the selling-wave that has gripped the crypto space. The digital asset hit a daily high of 0.2458 and a daily low of 0.2386. The risks remain skewed to the downside, with a test of a key support at 0.2380 on the cards in the near-term.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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