Investing.com – Ethereum and Bitcoin traded lower on Friday, as investor concerns that both cryptocurrencies face a period of correction remained front and center.
On the U.S.-based GDAX exchange, BTC/USD fell to $2,529.0, down $67.4 or 2.60%. Bitcoin has struggled to pare losses since easing from its peak of $3,000 achieved in June amid calls from analysts that the digital currency is overvalued.
In a note to clients, Sheba Jafari, the head of technical strategy at Goldman Sachs (NYSE:GS), wrote that Bitcoin current period of correction "shouldn't go much further than 1,857", but he added that “there’s potential to extend as far as 3,915”.
Ethereum mirrored bitcoin’s move lower, falling to $251.94, down 4.72%, and remained on track to post its third weekly loss.