Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Fall Lower Against USD – Market Updates Bitcoin News

News

Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Fall Lower Against USD

Cryptocurrency markets were trading lower for a second consecutive session, leaving bitcoin and ethereum both in the red. Overall, the crypto market cap was nearly 2% lower as of writing.

Bitcoin

Bitcoin bulls were nowhere to be found on Thursday, as bearish pressure continued to dominate recent market sentiment.

Following a high of $44,309.03 on Wednesday, BTC/USD fell below $43,000 during today’s session, and is down by over 3% as of writing.

The move saw BTC hit an intraday low of $42,685.75, sending prices closer to recent support at $41,765.

This drop in price comes as the Relative Strength Index (RSI) of 14-days fell below its floor of 56, and is currently tracking at 53.10.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Fall Lower Against USD
BTC/USD – Daily Chart

In addition to the decline in price strength, the shorter term moving average of 10-days (red), is trending downward for the first time since January 30.

Despite BTC being down 3.33% in the last seven days, history shows us that the closer we get to support, bulls will likely be waiting to buy the dip.

Ethereum

Following a battle to remain over the $3,000 level on Wednesday, ETH struggled to stay above water during today’s session.

ETH/USD fell to an intraday low of $2,987 on Thursday, following a breakout of its long-term support at $3,022.

Although prices have since moved back above $3,000, this was a sign to bears that there could yet be further declines.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Fall Lower Against USD
ETH/USD – Daily Chart

Many are looking at the $2,840 floor as the next price target, should the current bearish pressure persist

Looking at the RSI, price strength remains near the floor of 51, despite a marginal breakout, which could be a good sign to bulls anticipating a reversal.

Tags in this story
Bitcoin, Ethereum, Technical Analysis

How long will this bearish pressure last? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic 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
Show comments