After several sessions of consolidation, ETH finally declined, falling below the $2,000 floor in the process. As we head towards the end of the week, bitcoin also fell for the second straight session, bringing the price below $29,000.
Bitcoin
Bitcoin fell below the $29,000 level on Thursday as bears continued to drive the price down this week.
As a result of a second consecutive session of selling, BTC/USD fell to an intraday low of $28,708.96 on Thursday.
This fall came after the prices traded at the level of $ 30,016.18 on Wednesday. However, they are down more than 3% as traders are still looking for a stable support point.
Despite the 14-day relative strength index (RSI) trading below 30, which is in oversold territory, many do not expect bulls to buy any downside, as some believe we Still can go even lower level.
Looking at the chart, the indicator is currently tracking at 34.94, which is slightly below the range of 35.46.
We will not see any significant gains unless there is either a breakout from the ceiling, or a move towards last week’s low of 25.
Ethereum
After several days of consolidation, ETH declined on Thursday, with the price falling below $2,000.
Despite bearish pressure this week, ETH/USD was mostly able to maintain the sentiment till date.
At the time of writing, ETH is trading down to an intraday bottom of $1,907.02, about 5% down from yesterday’s peak of $2,039.83.
Yesterday, we discussed that we could see a floor hit of $1,950 which not only has happened, but has broken out.
However, as the day progressed, the price moved back towards that level, confirming its position as a support point.
At the time of writing, ETH is trading at $1,952.28, with a 14-day RSI slightly below the 35 range.
Can we see ETH climb above $2,000 in the coming days? Give your thoughts in the comment below.
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