BTC held steady on Monday after recent multi-month highs. However, markets fell slightly to the start of this week. ETH also fell due to the uncertainty surrounding crypto markets. It has fallen below its $3500 mark.
Bitcoin
BTC was trading in the red to start the week, as the world’s largest cryptocurrency continued to move away from recent highs.
Following last week’s high above $48,220, BTC/USD hit a low of $45,839.92 earlier in today’s session.
BTC is down almost 3% since breaking through the resistance on Monday. This follows its highs of seven days ago.
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BTC/USD – Daily Chart
Many expect bitcoin to trade at $45,000 if bearish momentum continues. Some even anticipate a fall below that level.
The 14-day RSI shows price strength as well, falling below the indicator’s ceiling of 63.
The bulls are likely to remain positive, since April is a traditionally good month for Bitcoin, with prices reaching record levels to begin the second quarter.
Ethereum
ETH has remained marginally higher in recent days, despite BTC falling, as it continues to showcase moments of negative correlation to bitcoin’s price trajectory.
Despite this, the world’s second-largest cryptocurrency finally correlated with bitcoin’s price movement today, as it fell below its $3,500 level.
The intraday lowest price of ETH/USD is $3,456.41 at the time of writing. This was due to resistance at the level of $3,540.
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ETH/USD – Daily Chart
Overall, ETH has risen for 16 out of 21 sessions. This is reflected in the seven-day price gauge which remains up by almost 3%.
The resistance level 71.45 on the RSI is the major obstacle that prevents prices from rising to $3,800, as shown in the chart.
This may be a belief that bulls still hold, since both the short- and long-term momentum points upwards.
Were we able to see ETH rise as high as $3,800 this week? Please leave your comments.
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