Recent declines in the world’s two largest cryptocurrencies eased to start the week, as both seemed to have found their respective floors. Bitcoin consolidated losses during Monday’s session, while ETH continued to trade sideways.
Bitcoin
After falling to below $38,000 for a week on Sunday, bitcoin prices rebounded to begin the week. It seems that a support level has been reached.
BTC/USD fell to an intraday low of $37,577 earlier in today’s session, which was its lowest point since February 28, however prices have since moved away from this point.
BTC/USD trades 0.59% higher at $39,114.31 as of this writing after a previous high of $39 277.14.
This rise in price comes as a result of bulls who bought yesterday’s drop, once the price found what looks to be a sustainable floor.
The chart shows that a large number of buyers entered market on February 4, 28 and 28.
These large swings led to bullish engulfing patterns that caused huge price swings. The pattern was able to wipe out drops of between 2-3 days.
Many people are waiting for history to repeat itself.
Ethereum
ETH continued its consolidation around the $2,600 range to start the week, as price movement in the world’s second largest crypto was largely muted.
After three days of consecutive declines on the ethereum price, it appeared that it had found its floor at $2,550. Since then, it has mostly hovered just above this level.
Even though it fell to an intraday lowest of $2,507.11 today, the ETH/USD pair has recovered and trades at $2,649.07 as of this writing.
The 14 day RSI indicates that the price strength index is slightly higher and currently tracks at 43.8 after briefly dropping below its floor of 41.30 over the weekend.
While bulls will likely be there, bears remain. Some still see the $2,400 floor as a target, and others believe further declines could soon follow.
This week, will we be seeing the $2,400 ceiling? Are we prepared for a price rise? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
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