Bitcoin, Ethereum Technical Analysis: BTC Drops to 2-Week Low Below $40,000

Losses successful cryptocurrency markets extended connected Friday, with bitcoin falling to multi-week lows successful the process. Ethereum was besides little during the session, whilst the planetary crypto marketplace headdress was down 3.70% arsenic of writing.

Bitcoin

Bitcoin was down for a 3rd consecutive session, arsenic caller bearish unit continued to intensify connected the world’s largest cryptocurrency.

Following a precocious of $43,327.99 connected Thursday, BTC/USD fell beneath $40,000 during today’s session, and is down astir 7% arsenic of writing.

The determination saw BTC deed an intraday debased of $39,633 (as of writing), sending prices beneath its caller enactment of $41,765.

BTC/USD – Daily Chart

This driblet successful terms comes arsenic marketplace uncertainty continues to heighten, with the concern betwixt Russia and Ukraine apt 1 of the main culprits.

Traders, which typically spot BTC arsenic a high-risk asset, person moved to golden instead, starring to prices of the “safe haven” currency climbing to multi-month highs.

BTC/USD nevertheless seems to person recovered an interim level aft today’s selloff, with the 14-day RSI besides consolidating, aft earlier weakness.

Ethereum

After hardly remaining supra the $3,000 level yesterday, the rug was genuinely pulled from the feet of ETH traders connected Friday.

ETH/USD fell to an intraday debased of $2,824.08 during today’s session, which is its lowest level since February 4.

The determination came arsenic prices of the world’s 2nd largest cryptocurrency fell beneath enactment astatine $2,840. The asset, however, has since regained immoderate of its footing.

ETH/USD – Daily Chart

In summation to this, the 14-day RSI has moved further into oversold territory aft this week’s declines, which has seen ETH suffer 8% of its value.

As of writing, should the existent enactment beryllium broken, bears volition apt look to propulsion this toward the $2,500 point.

Will this bearish unit widen into the weekend? Leave your thoughts successful the comments below.

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