After a volatile weekend of trading, cryptocurrency prices consolidated at the start of the week, with BTC nearing its long-term destination. Overall, Bitcoin was trading slightly below $30,000, with ETH trading slightly above $2,000.
Bitcoin
BTC started the week trading below $30,000 after a volatile weekend of trading, which saw prices mainly consolidate.
After climbing to a peak of $31,308.19 during Sunday’s session, BTC/USD fell to an intraday low of $29,412.58 on Monday.
After a rally from this point on Saturday, today’s lows have seen the price close to the long-term support level of $28,800.
Overall, price strength continues in the oversold area, with the 14-day Relative Strength Index (RSI) tracking at 32.44.
It is well below the 36.40 resistance level held on Sunday, leading to today’s selloff as the bears re-enter the market.
If this momentum continues, we could see a price floor of $28,800 with a potential breakout towards $25,000.
Ethereum
The world’s second largest cryptocurrency also started the week lower, however, it was able to stabilize above the $2,000 level for most of the session.
ETH/USD dropped to a low of $2,000.09 on Monday, down about 3.27% from yesterday’s high of $2,147.19.
Similar to BTC, today’s decline took ETH closer to its price floor near the $1,950 level.
At the time of writing, the price is trading slightly higher after the previous low at $2,024.92. However, the 10-day moving average is still pointing towards further downside momentum.
The trend was extended after it failed to break above the 35.35 resistance level on the 14-day RSI during yesterday’s session.
As previously discussed with bitcoin, we may inevitably see further lows in the coming days, but how the lows will slide will be the important question to ask.
Do you expect ETH to stay above $2,000 this week? Give your thoughts in the comment below.
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