Bitcoin, Ethereum Technical Analysis: ETH Hits 2-Week Low, Following Move Below $1,900
Ethereum slipped below $1,900 during Thursday’s session, as prices dropped to a two-week low. Bitcoin was also trading lower over the course of the day, as it fell under $29,000. Overall, crypto was down over 3% as of writing.
BTC fell below $29,000 earlier in today’s session, as bearish pressure continued to intensify heading towards the end of the week.
Following a high of $29,972.64 only yesterday, the world’s largest cryptocurrency dropped to an intraday low of $28,954.97 earlier in the session.
The move saw BTC/USD head for its support point at $28,800. However, it stopped short of this target, as bulls pushed prices slightly higher.
As of writing, BTC/USD is currently trading at $29,018.85, which is roughly 1.26% lower than yesterday’s peak.
Relative strength continues to track below its own resistance point, which is under 40, and currently resides at 37, which is marginally above support at 36.6.
We will not likely see any significant price movements unless one of these levels is broken.
The headline story in crypto markets on Thursday was undoubtedly ETH falling to a two-week low during today’s session.
Less than 24 hours after trading at a high of $2,014.37, ETH/USD sank to a bottom of $1,810.35 earlier in the day.
This move took ethereum to its lowest point since May 12, and comes as prices fell from their recent support point.
Prices have mostly held this floor at $1,950 for the last fifteen days, however as bearish pressure intensified, we saw this level finally cave in.
What has not caved in is the ceiling on the 14-day RSI at 37, which held steady despite attempts from bulls to force a breakout.
This resulted in today’s drop, with the RSI now tracking at 31, which is close to a one-week low.
Could we see ETH drop even further in the upcoming days? Leave your thoughts in the comments below.