Bitcoin, Ethereum Technical Analysis: BTC, ETH Both Start the Week Around 3-Week Lows

Bitcoin and ETH both fell to their lowest level in over three weeks on Monday, as a red wave passed through crypto markets. As of writing, BTC and ETH are trading between 2% and 5% lower, while the overall crypto market cap is down 3.75%.

Bitcoin

Bitcoin extended its recent decline on Monday, as prices fell for the fifth session in the last seven to start the week.

Following a high of $43,376.38 less than 24 hours ago, BTC/USD fell to an intraday low of $41,055.79 earlier today.

This drop pushed prices below the long-term support level of $42,000, taking the asset to a three-week low in the process.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Both Start the Week Around 3-Week Lows
BTC/USD – Daily Chart

As seen on the chart, this is the first time since March 22 that BTC has traded below this floor, and the drop comes as another support point was broken.

This being that of the 14-day RSI, which saw the 43.55 floor finally cave in, after holding firm during the weekend.

As of writing, this indicator is now tracking at 40, which is its lowest point in two months, and should it continue to fall, we could see BTC below $40,000.

Ethereum

The fall in ETH was even greater than that of BTC on Monday, as the world’s second-largest cryptocurrency lost over 5% of its value.

This was double that of BTC’s fall, and saw ETH/USD fall to an intraday low of $3,068.59 to start this week’s session.

Monday’s drop saw prices fall to their lowest point since March 24, when ETH was attempting to break into the resistance at the time of $3,145.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Both Start the Week Around 3-Week Lows
ETH/USD – Daily Chart

Although ETH almost fell below $3,000, a makeshift floor seems to have been found at $3,010, which is a point where bulls typically look to buy.

Looking at the chart, losses have eased since hitting this floor, which is likely due to bears fleeing, in anticipation of a rebound.

As of writing, the 14-day RSI is now tracking at a nearly one-month low of 45.10, which could be another signal to bulls to buy, as markets are relatively oversold.

Tags in this story

Could we see ETH and BTC fall below $3,000 and $40,000, respectively, in the coming days? Leave your thoughts in the comments below.

eliman@bitcoin.com'
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Source:Bitcoin.com