BTC and ETH both fell to close to their five week lows on Monday, with crypto market losses continuing to extend on Monday. BTC traded below $39,000 on Monday, while ETH trades under $2900. This was due to bearish pressure that developed over the weekend.
Bitcoin
Bitcoin traded in the red during the week for the fifth session consecutively, with prices dropping to lows of multi-weeks.
The BTC/USD dropped to $38,338.38 intraday today after a high of $39.845.92 Sunday.
This represents the lowest BTC trading level since March 15, 2015, when prices reached their bottom at $38,141.
Price has moved slightly away from its previous lows but this recent downward pressure led to some believing that there may be further declines.
Looking at the chart, there seems to be a key support point at the $37,570 level, which hasn’t been hit since mid-March, and should bearish momentum persist, this will likely be the next price target for traders.
Also, relative strength has dropped. The 14-day RSI broke through its floor at 40 on Saturday, and a lower support is possible.
Ethereum
The world’s second-largest cryptocurrency was also down on Monday, as recent bearish sentiment continues to impact prices.
As of writing, today’s low sees ETH/USD fall to a bottom of $2,804.51, which comes after a high of $2,961.88 yesterday.
This low level is the lowest ethereum trades at since March 18. It follows seven lower lows.
This latest low was achieved after $2,950 support was broken. The momentum from the 10- and 25-day moving Averages is also diminishing.
The chart shows that the 14-day RSI currently tracks at 37.8, the lowest level since February.
ETH remains up despite the selloff. It traded at a $2,500 floor last month when it fell to $1,500.
Is there a chance that ETH will rebound in the next week? Please leave your comments.
Images CreditsShutterstock. Pixabay. Wiki Commons
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