BTC and ETH were once again lower during today’s trading session, as both were trading close to two-week lows. Bitcoin traded below $43,000, while ETH fell to $31,100 for the first-time since March 24th.
Bitcoin
Bitcoin continued trading lower on Thursday, as the world’s largest cryptocurrency fell below $43,000 for the first time in over two weeks.
Following a peak of $45,424.98 on Wednesday, BTC/USD fell to an intraday low of $42,899.91 during today’s session.
This represents the lowest BTC trading level since March 24, while bitcoin prices have fallen to just $45,500, its long-term support.
Prices have somewhat recovered since hitting the floor. Bulls are increasing pressure to maintain them above support.
The chart shows that the Relative Strength Index (RSI), 14-day, has fallen to its lowest level in more than five weeks. However, there may be further lows.
Price strength could fall to 34 if the RSI falls below its floor of 46.60 as it did in February.
Ethereum
ETH also fell to a multi-week low during today’s session, however prices have since rebounded after hitting a recent support point.
As of writing, ETH/USD had dropped to a bottom of $3,155.58 during today’s session, which was close to its support of $3,145.
However, prices have rallied since hitting this point, and ETH is now trading at $3,250.06, which is still 1.69% below yesterday’s high.
The ETH chart’s 14-day RSI is currently at 53.23. This is similar to BTC. However, it is still quite overbought as it has remained above 50.
As the 10-day moving average (red), has started trending sideways, it shows signs of slowing. It increases the possibility of a future down cross.
If this happens, the prices could fall below $3,000 as bearish momentum has turned to bearish.
What do you think about the ETH decline as we approach weekend? Comment below to share your views.
Image creditShutterstock. Pixabay. Wiki Commons
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