As bears continue to pressurize cryptocurrency markets, Bitcoin was still below $40,000 on Sunday. This pressure also kept ethereum lower, with the world’s second-largest crypto hovering around its long-term support level.
Bitcoin
The price of bitcoin (BTC), fell for the fifth session in a row on Sunday, due to recent bearish pressure.
BTC/USD plunged to $38,211.65, an intraday low that was $500 below its lowest point on the weekend.
Today’s move sees BTC fall to its lowest point since February 28, and is fast approaching its long-term floor of $37,600.
Recent price declines have caused a shift in mid-term momentum, with the 25 day (blue), moving average falling below the 10-day MA.
It is the first cross since Dec 27th, and the crossing was below the 10-day mark from an upwards.
This shift could indicate further price declines for the upcoming session.
Ethereum
Even though ethereum was lower than usual on Sunday, it looked more like consolidation rather than a selloff.
Following a low of $2,587.75 on Saturday, ETH/USD had a bottom of $2,595.57 during today’s session thus far.
This suggests that crypto market bearishness is causing prices to rise, but they are still rising.
One reason we might be seeing this in ethereum, and not from bitcoin (BTC), it is because the current $2,550 support for ETH/USD seems to have been well defined. Bitcoin still appears to be searching for its floor.
The same chart can also be seen for the 14 day Relative Strength Index. It has found support at 41.80. Bulls have a solid foundation to take on potential future positions.
Is ethereum setting up for a strong rebound in next week’s session? Comment below to share your views.
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