Bitcoin, Ethereum Technical Analysis: ETH, BTC Both Near 2-Week Lows Following Recent Declines

Bitcoin, Ethereum Technical Analysis: ETH, BTC Both Near 2-Week Lows Following Recent Declines

BTC and ETH were once again lower during today’s trading session, as both were trading close to two-week lows. Bitcoin dropped below $43,000 for the first time since March 24, while ETH hit a bottom near $3,100 on Thursday. Bitcoin

Bitcoin continued trading lower on Thursday, as the world’s largest cryptocurrency fell below $43,000 for the first time in over two weeks.

Following a peak of $45,424.98 on Wednesday, BTC/USD fell to an intraday low of $42,899.91 during today’s session.

This is the lowest level BTC has traded since March 24, and bitcoin has seen its price fall close to its long-term support of $45,500. BTC/USD – Daily Chart

Since hitting this floor, prices have somewhat rebounded, with bulls ramping up pressure in order to keep them above the support.

Looking at the chart, the 14-day Relative Strength Index (RSI) has also fallen to its lowest point in over five weeks, however there could be more lows ahead.

Should the RSI move below its current floor of 46.60, price strength could drop to as low as 34, as seen in late February.

Ethereum

ETH also fell to a multi-week low during today’s session, however prices have since rebounded after hitting a recent support point.

As of writing, ETH/USD had dropped to a bottom of $3,155.58 during today’s session, which was close to its support of $3,145.

However, prices have rallied since hitting this point, and ETH is now trading at $3,250.06, which is still 1.69% below yesterday’s high. ETH/USD – Daily Chart

Similar to BTC, the 14-day RSI on the ETH chart is now tracking at 53.23, which is its lowest point since March 15, however it is still relatively overbought, as it remains above 50.

The moving average of 10-days (red) has also shown some signs of slowing, as it has begun trending sideways, which increases the chance of a future downward cross.

Should this happen, prices will likely be trading below the $3,000 level, as momentum would have truly turned bearish at that point. Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you expect this decline in ETH to continue as we prepare for the weekend, following its recent upwards rally? 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. Biggest Movers: ETC Biggest Gainer in Top 30 on Thursday, ZEC Also Rises MARKET UPDATES | 6 hours ago Biggest Movers: SOL Slips Over 10%, as RUNE, WAVES Down Nearly 20% MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Four Nigerian Lenders Penalized for Failing to Block Crypto Transactions Next articleHow the Crypto Community Supports the People of Ukraine – Head of Binance Charity Helen Hai Explains 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 disclaimerShow comments More Popular NewsIn Case You Missed ItPolygon Announces Zero-Knowledge Identity Platform for Web3

On March 29, Polygon, the layer two (L2) scaling solution that runs parallel with the Ethereum blockchain, has announced a new identity platform called Polygon ID. While the protocol is is still under development, Polygon ID is powered by zero-knowledge ... read more.NFT Marketplace Opensea to Add Credit Card, Apple Pay Support via Moonpay 19 Million Bitcoin Have Been Mined Into Circulation, 2 Million Left to Be Found Indian Government Consulting With IMF, World Bank on Crypto Policy Bandai Namco Announces Gundam Themed Metaverse