To start the weekend Ethereum traded below $2,800, with crypto bears extending recent market sentiment. Bitcoin also traded below $40,000 as the global crypto market cap fell by almost 3% at time of writing.
Bitcoin
For a fourth consecutive session, prices of the world’s largest cryptocurrency traded lower, as market pressure continued to keep bulls away.
After a Friday high of $40827.13, BTC/USD has fallen 1.3% and is close to the lowest levels since February 4.
BTC’s intraday low was $39 637.62.62. In the past, this area has been a source of support.
After breaking below 44.20 on the 14-day RSI, this price decline is also due to price strength.
Now, we are at 43.55. This is the lowest reading since February 3 when bitcoin was trading at $36,200.
Even with the fall in recent months, it seems that there is still the potential for further falls, should the downside momentum persist.
Ethereum
ETH was on the verge of falling below $2,700 as of writing, as the #2 cryptocurrency continued to extend this week’s losing streak.
Saturday saw ETH/USD fall to an intraday low of $2,712.96 during today’s session, as such maintaining a two-week low in the process.
You can see that the Relative Strength Index (14-days) has fallen to its lowest level since February 2nd. The chart currently shows 41.28.
This has resulted in ETH/USD reaching a level of $2,685 and the RSI at support point 40.
However, if this level is not maintained by incoming pressure then we might see ETH drop towards $2,400.
Which are the key factors driving this sale? Please leave your comments.
Images CreditsShutterstock. Pixabay. Wiki Commons
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