Bitcoin, Ethereum Technical Analysis: ETH Below $1,600, BTC Under $21,000 to Start the Week
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 (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.
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.
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Will ethereum move below $1,500 in upcoming days? Leave your thoughts in the comments below.