After a volatile weekend, crypto-currency prices stabilized to begin the week. BTC was close to its long term floor. Overall bitcoin traded slightly below $30,000 while ETH was hovering just above $2,000.
Bitcoin
BTC began the week below $30,000 after a volatile weekend that saw trading. Prices mainly consolidated during this period.
Following a rise to a peak of $31,308.19 during Sunday’s session, BTC/USD fell to an intraday low of $29,412.58 on Monday.
Today’s low has seen prices approach the long-term support level of $28,800, following a rebound from this point on Saturday.
Price strength is still in oversold territory. The 14-day relative strengths index (RSI), tracks at 32.44.
This is below a resistance level of 36.40, which was held on Sunday, leading to today’s selloff, as bears re-entered the market.
If this momentum continues, the price floor at $28,800 will be reached, and there is a possibility of an eventual breakout to $25,000.
Ethereum
The world’s second largest cryptocurrency also started the week lower, however, it was able to stabilize above the $2,000 level for most of the session.
ETH/USD dropped to a bottom of $2,000.09 on Monday, which is around 3.27% lower than yesterday’s peak of $2,147.19
Similar to BTC, today’s drop sees ETH move closer to its price floor, which is near the $1,950 level.
The prices traded slightly higher as of this writing at $2.024.92 after previous lows. However, the 10-day moving mean still indicates further downward momentum.
This trend was magnified after the 35.35 resistance level on the 14-day RSI failed to break out during yesterday’s session.
Like bitcoin, there will undoubtedly be more drops in prices over the coming days. However, the question of how low will they drop is the most important.
Are you expecting ETH to remain above $2,000 for the week ahead? Please leave your comments.
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