Technical Analysis of Bitcoin and Ethereum: ETH Prepares for Rally, While BTC Looks for Support

On Sunday, Bitcoin stayed below $40,000, as bears continued to exert pressure on cryptocurrency markets. This pressure also pushed ethereum down, keeping the world's second-largest cryptocurrency close to its long-term support level.

Bitcoin

The price of bitcoin (BTC) fell for the fifth straight session on Sunday, unable to shrug off recent bearish pressure.

On Sunday, BTC/USD plummeted to an intraday low of $38,211.65, which was roughly $500 lower than its weekend low.

BTC has dropped to its lowest level since February 28 and is closing in on its long-term bottom of $37,600.


The market's mid-term momentum has altered as a result of recent price drops, with the 25-day (blue) moving average crossing below the 10-day (red) MA.

This is the first time we've seen a cross like this since December 27, when the 25-day crossed below the 10-day from an ascending position. This shift in trend might lead to even further price reductions in the future sessions.

Ethereum

Although ethereum (ETH) fell on Sunday as well, the drop looked to be more of a consolidation than a true selloff. Following a low of $2,587.75 on Saturday, ETH/USD has reached a low of $2,595.57 so far today. Despite the deluge of negative action now taking place in crypto markets, this demonstrates that prices are growing.


One reason we could be seeing this from ethereum rather than bitcoin (BTC) is because the $2,550 support level in ETH/USD appears to be firmly defined, whilst bitcoin still appears to be looking for a bottom.

Looking at the chart, the 14-day Relative Strength Index, which has also established support around 41.80, is helping to offer bulls a sturdy foundation to stand on with potential future bets.




Share:

No comments:

Post a Comment

Note: only a member of this blog may post a comment.

Hot Topic

CEO of Messari: "Bear Markets Are Good for Cleaning House."

 Although most of the crypto industry has had a difficult winter, Messari CEO Ryan Selkis believes that a little austerity will be good for ...

counter, at the bottom of the page, in a table, div or under a menu.