Bitcoin remained under the $40,000 level on Sunday, as bears continued to pressure cryptocurrency markets. This pressure also kept ethereum lower, with the world’s second-largest crypto hovering around its long-term support level.
Contenido
Bitcoin
Sunday saw the price of bitcoin (BTC) trade lower for a fifth consecutive session, as it was unable to shake off recent bearish pressure.
BTC/USD fell to an intraday low of $38,211.65 on Sunday, which was around $500 lower than its bottom to start the weekend.
Este Dia’s move sees BTC fall to its lowest point since February 28, and is fast approaching its long-term floor of $37,600.
As a result of recent declines in price, mid-term momentum in the market has shifted, with the 25-day (blue) moving average crossing below the 10-day (red) MA.
This is the first time since December 27 that we have seen such a cross, with the 25-day crossing below the 10-day from an upwards position.
Such a shift in momentum could signal even more declines in price in upcoming sessions.
Etéreo
A pesar de que etéreo (ETH) was also lower on Sunday, its decline appeared to look more like consolidation than an actual selloff.
Following a low of $2,587.75 en sábado, ETH/USD had a bottom of $2,595.57 during today’s session thus far.
This shows that prices are somewhat climbing, despite the onslaught of bearish action currently taking place in crypto markets.
A reason why we could be seeing this from ethereum and not bitcoin (BTC), is that currently the $2,550 support in ETH/USD seems well defined, as bitcoin still looks to be in search of its floor.
Mirando el gráfico, the same can be said for the 14-day Relative Strength Index, which also has found support at 41.80, helping to give bulls a firm ground on which to stand on with potential future positions.
Is ethereum setting up for a strong rebound in next week’sesión? Leave your thoughts in the comments below.