Ethereum extended recent declines to start the week, as the token briefly fell below a key support point in today’s session. Monday’s sell-off saw the majority of the cryptocurrency top 100 in the red, with the global market cap down 1.61% as of writing. Bitcoin fell again, falling to below $21,000
Bitcoin
Bitcoin (BTC), started the week red as the price of the token fell following a weekend mini-rally.
Within 24 hours of hitting $21,668.85 as the high, Bitcoin/USD dropped to $20,939.18 intraday.
Bitcoin fell below its support level of $20,800. It last reached that point on Saturday. Bulls, however, have so far been resistant to a similar event today.
The chart shows that earlier bearish sentiment has lessened and the token trades at $21,251.86 as of this writing.
BTC fell overall for seven out of nine sessions. This has caused a cross between the 10-day moving average (MA) and the 25 day (blue MA) MA.
Although the $20,800 floor has remained stable, bearish pressure could intensify and BTC will most likely move below $20,000.
Ethereum
Bearish sentiment was also present with ethereum (ETH), as the world’s second-largest cryptocurrency continued to trade below $1,600.
ETH/USD, which was at a high of $1,640.94 on Sunday, fell lower in today’s session, dropping to a bottom of $1,535.01.
Monday’s drop sees ETH remain close to its lowest level since July 27, when prices fell below the $1,500 point.
Focusing on the chart, today’s sell-off comes as the 14-day relative strength index once again moved below its floor at 43.00.
At the time of writing, it is at 41.90. That is their weakest reading since July 12, 2007, when ETH traded at $1.065.
The moving averages are not yet at the same level as BTC. However, they have been close to each other since mid-July.
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In the coming days, will ethereum drop below $1500? Comment below to share your views.
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