After a volatile weekend of trading, cryptocurrency prices have started to consolidate this week, with bitcoin near its long-term bottom line.Overall, Bitcoin is trading just under $30,000, with Ethereum Just over $2,000.
bitcoin After a volatile weekend of trading, the week started trading below $30,000 with prices mostly consolidating.
After rising to a peak of $31,308.19 in Sunday’s trading session, bitcoin/USD fell to an intraday low of $29,412.58 on Monday.
After bouncing off this point on Saturday, today’s low has been close to long-term support at $28,800.
Overall, price strength continues to hover in oversold territory, with the 14-day Relative Strength Index (RSI) tracking at 32.44.
This was below Sunday’s resistance at 36.40, leading to today’s sell-off as bears re-entered the market.
If this momentum continues, we could see a price floor of $28,800 and a potential break above $25,000.
The world’s second-largest cryptocurrency also started the week lower, but it was able to hold steady above $2,000 for most of the session.
Ethereum/USD bottomed out at $2,000.09 on Monday, about 3.27% below yesterday’s peak of $2,147.19
At the time of writing, the price was slightly up at $2,024.92 after the previous low. However, the 10-day EMA still points to further downside momentum.
The trend was amplified after yesterday’s session failed to break above the 35.35 resistance on the 14-day RSI.
As discussed earlier with Bitcoin, we may inevitably see further lows in the coming days, but how low the price will drop will be the key question to ask.
do you expect Ethereum Hold above $2,000 this week? Leave your thoughts in the comments below.
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