Bitcoin remained below the $40,000 level on Sunday as bears continued to pressure crypto markets. This pressure has also kept Ethereum lower, with the world’s second-largest cryptocurrency hovering around its long-term support level.
bitcoin
On Sunday, the price of Bitcoin (BTC) declined for the fifth straight session as it failed to shake off recent bearish pressure.
BTC/USD fell to an intraday low of $38,211.65 on Sunday, which was about $500 below the early weekend low.
Today’s move shows BTC dropping to its lowest level since Feb 28 and fast approaching its long-term low of $37,600.
BTC/USD – daily chart
As a result of the recent price decline, the medium-term momentum in the market has reversed, with the 25-day (blue) moving average crossing the 10-day (red) MA.
This is the first time since December 27 that we see such a crossover with a 25-day cross below the 10-day from an upside position.
Such a change in momentum could signal more price cuts in upcoming sessions.
Ethereum
Although Ethereum (ETH) also fell on Sunday, its fall looked more like a consolidation than a real sell-off.
After a low of $2,587.75 on Saturday, ETH/USD hit a low of $2,595.57 during today’s session.
This shows that prices are rising somewhat despite the onslaught of bears currently taking place in the cryptocurrency markets.
ETH/USD – daily chart
The reason we can see this in ethereum and not bitcoin (BTC) is that currently the $2,550 support in ETH/USD seems to be well defined as bitcoin is still in search of its low. .
Looking at the chart, the same can be said for the 14-day Relative Strength Index, which also found support at 41.80, helping the bulls get solid ground for future positions.
Is Ethereum bracing for a big bounce in next week’s session? Leave your thoughts in the comments below.
Eliman Dumbell
Image credits: Shutterstock, Pixabay, Wiki Commons
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