ETH Falls Below $2,000 as Crypto Bearish Pressure Intensifies  – Market Updates Bitcoin News

After several rounds of consolidation, ETH finally gave in and fell below $2,000 in the process. Prices fell below $29,000 as we approach the final session of the week.

Bitcoin

Bitcoin prices fell to $29,000 below their level Thursday due to bears continuing to drive them lower.

A second session of simultaneous selling resulted in BTC/USD falling to $28,708.96 intraday on Thursday.

After prices traded at $30,016.18 Wednesday, this drop has occurred. However they’ve fallen by over 3% as traders still look to find a stable support point.

Despite trading at below 30 on the Relative Strength Indicator (RSI), many don’t expect bulls will buy dips as they believe that we may still reach further lows.

The chart shows that this indicator currently tracks at 34.94. This is slightly below the ceiling at 35.46.

We will likely not see any significant gains until either a breakout from the ceiling, or a move towards last week’s low of 25.

Ethereum

After several days’ consolidation, ETH prices plunged to below $2,000.

Although there was a lot of bearish pressure during this week, the sentiment remained mostly intact until today.

As of writing, ETH fell to an intraday bottom of $1,907.02, which is roughly 5% lower than yesterday’s peak at $2,039.83.

We discussed yesterday that the $1,950 floor could be hit. It has happened and it is broken.

As the day went on, prices moved back to that level which is a confirmation of its support status.

ETH trades at $1952.28, the 14-day RSI is slightly lower than 35, as of this writing

Are we likely to see ETH rise above $2,000 within the next few hours? Comment below to share your views.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.