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

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. 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. 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 diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Technical Analysis: ATOM Hits 1-Week High — AXS, LEO, THETA Dip Lower MARKET UPDATES | 5 hours ago Technical Analysis: AVAX Enters Crypto Top 10, as NEO, THETA Also Gain MARKET UPDATES | 1 day ago

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