ETH Eyes Correction To $1,280 To Take A Look At The Bulls At $1,350

On Saturday, Bitcoin (BTC) fell by 1.18%. BTC reversed the 0.65% gain from Friday, ending the day at $16,889. BTC visited $17,000 for the fourth consecutive day and ended the day below $17,000 for the second time in four sessions.

A bullish start to the day saw BTC climb to an early high of $17,144. When BTC failed to reach the first major resistance level (R1) at $17,197, BTC fell to a late low of $16,865. BTC briefly fell through the first major support level (S1) at $16,886 before ending the day at $16,889.

The BTC and ETH market drivers over the weekend are sending bearish signals

Investors continued to react to US economic indicators this week, with the jobs and inflation report supporting a more hawkish Federal Reserve. But while a downturn in the manufacturing sector would put pressure on the Fed to focus, fears of a US recession would also test buyer appetite.

As investors weigh the Federal Reserve’s monetary policy and the US economic outlook, rising regulatory risks continue to be a headwind for cryptocurrencies. Talk of BTC as a commodity and ETH as a security likely contributed to ETH dropping below $1,250.

While market conditions have improved this morning, downside risks remain. In the last hour, we expect the NASDAQ mini index to have an impact, barring a physical crypto event.

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