Ethereum found support on Tuesday, following a drop to a three-week low earlier in today’s session. After recent bearish pressure, the bitcoin price also consolidated.
Bitcoin
BTC’s selloff temporarily eased Tuesday while global markets closely followed the Russia/Ukraine crisis.
BTC/USD dropped to a low of $36,488.93 earlier in today’s session, which is over $3,000 lower than its high to start the week.
BTC broke briefly from the long-term floor price of $37.315, which appears to have been a false fall, but then re-entered this support point.
This move in the price of bitcoin led to price strength moving deeper into oversold territory. With the 14-day RSI at 33 (which is its lowest in 20 days),
Price momentum is also shifting as expected yesterday. The 10-day moving average (red) and the 25-day MA (blue), meeting for what appears like a downside cross, have shown this.
As bulls seek to counter the bearish trend, bitcoin has been holding firm at support for now. But, this might shift in the future if it continues.
Ethereum
ETH also fell to a three-week low during today’s session, however the bullish resistance to the recent declines has helped prices find a floor.
Today’s intraday drop in ETH/USD to $2,510.68 was its lowest level since January 31.
However, prices rose above $2,550 support, despite this.
Similar to BTC/USD, a downward cross of the moving averages has also firmly occurred, however today’s bounce has pushed the 14-day RSI slightly higher.
Now, the price strength stands at 39. It is nearing 40, which seems like a ceiling. However, if it could be exceeded, bulls might return.
Do you think $2,550 is the right price floor or can prices rise? Comment below to share your views.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.