Bitcoin, Ethereum Technical Analysis: ETH Below $1,600, BTC Under $21,000 to Start the Week

Bitcoin News

Ethereum extended recent declines to start the week, as the token briefly fell below a key support point in today’s session. Monday’s sell-off saw the majority of the cryptocurrency top 100 in the red, with the global market cap down 1.61% as of writing. Bitcoin also slipped, once again falling below $21,000.

Bitcoin

Bitcoin (BTC) started the week in the red, as prices of the token dropped following a mini-rally over the weekend.

Less than 24 hours after hitting a high of $21,668.85, BTC/USD slipped to an intraday low of $20,939.18 earlier in the day.

This drop led to bitcoin moving closer to its recent support point of $20,800, which it last hit on Saturday, however bulls have so far resisted a similar occurrence today.

Looking at the chart, earlier bearish momentum has somewhat eased, and as of writing, the token is trading at $21,251.86.

Overall, BTC has fallen lower for seven of the last nine sessions, and this has resulted in a downward cross between the 10-day (red) moving average (MA), and the 25-day (blue) MA.

Although the floor of $20,800 has so far remained firm, should bearish pressure intensify, we will likely see BTC move below $20,000.

Ethereum

Bearish sentiment was also present with ethereum (ETH), as the world’s second-largest cryptocurrency continued to trade below $1,600.

ETH/USD, which was at a high of $1,640.94 on Sunday, fell lower in today’s session, dropping to a bottom of $1,535.01.

Monday’s drop sees ETH remain close to its lowest level since July 27, when prices fell below the $1,500 point.

Focusing on the chart, today’s sell-off comes as the 14-day relative strength index once again moved below its floor at 43.00.

As of writing, the index is tracking at 41.90, which is its weakest reading since July 12, when ETH was trading at $1,065.

Unlike with BTC, the moving averages have yet to cross, however they are currently at their closest proximity since mid-July.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Will ethereum move below $1,500 in upcoming days? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

CEO Throws Cold Water On May Ethereum ETF Approval – Impact On Price
Ripple Vs. SEC Update: Expert Says Both Parties Have Reached A Settlement Agreement
Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking
Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price
Ripple Sends Major Update To All XRP Users