Bitcoin and Ethereum Technical Analysis: ETH returns below $2,000 to start the weekend

ETH started trading at the weekend below $2,000 as prices in the cryptocurrency continue to consolidate. Bitcoin also traded lower during Saturday's session, as the world's largest cryptocurrency fell back below $30,000. Bitcoin After marginal gains above the $30,000 level during yesterday's session, Bitcoin fell back below this point.

Friday saw BTC/USD trading at a high of $30,664.98, but these gains were short-lived, as prices fell to a low of $28,793.61 earlier today. As of writing, prices are down 3.27% to start the weekend, with such a decline that bulls have been unable to maintain the lower price floor at $28,800. BTC/USD – Daily Chart The recent consolidation in Bitcoin comes as a result of increased uncertainty in the market, following recent actions by the Federal Reserve, which prompted investors to move away from riskier assets.

This is evident in the fact that BTC has only seen marginal price movement over the past week, despite all the ups and downs. Overall as we speak, prices are down 0.25% from the same point last week, but sentiment appears to be more bearish as we head into the final week of May. Ethereum After briefly returning to the $2,000 level on Friday, Ethereum has fallen back below that point.

To start the weekend, ETH/USD has so far fallen to an intraday low of $1,926.68, which is just below the current support point. After bouncing above the $1,950 resistance on Friday, the world's second-largest crypto token fell below that point earlier on Saturday. ETH/USD – Daily Chart However, since reaching these lows, price strength has picked up a bit, with ETH now trading above this price limit by $20.

As of writing, the 14-day RSI is still tracking within the oversold zone, which is below 30, and close to the 35 resistance. Bulls will remain optimistic about a potential recovery, provided we see a ceiling breakout with the indicator.