Cryptocurrency Market Update: Bears return on Saturday, Ethereum eyes 8% weekly loss

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  • 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.
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