Bitcoin, Ethereum Technical Analysis: ETH, BTC Fall to 5-Week Lows

Both ETH and BTC fell adjacent to five-week lows to commencement the week, arsenic losses successful crypto markets extended connected Monday. Following bearish unit implicit the weekend, BTC started the week trading beneath $39,000, portion ETH was nether $2,900.

Bitcoin

Bitcoin started the week trading successful the reddish for a 5th consecutive session, arsenic prices dropped to multi-week lows.

Following a highest of $39,845.92 connected Sunday, BTC/USD plunged to an intraday bottommost of $38,338.38 earlier today.

This driblet is the lowest level BTC has traded astatine since March 15, erstwhile terms deed a bottommost of $38,141.

BTC/USD – Daily Chart

Although terms has moved marginally distant from earlier lows, this caller descending unit has led immoderate to judge that much declines could beryllium ahead.

Looking astatine the chart, determination seems to beryllium a cardinal enactment constituent astatine the $37,570 level, which hasn’t been deed since mid-March, and should bearish momentum persist, this volition apt beryllium the adjacent terms people for traders.

Relative spot is besides lower, with the 14-day RSI breaking retired of its ain level of 40 this weekend, with a little enactment besides perchance connected the horizon.

Ethereum

The world’s second-largest cryptocurrency was besides down connected Monday, arsenic caller bearish sentiment continues to interaction prices.

As of writing, today’s debased sees ETH/USD autumn to a bottommost of $2,804.51, which comes aft a precocious of $2,961.88 yesterday.

This bottommost is the lowest level ethereum has traded astatine since March 18, and comes pursuing 7 days of little lows.

ETH/USD – Daily Chart

The latest debased comes aft the enactment level of $2,950 was precocious broken, with momentum of the 10-day and 25-day moving averages besides fading successful the process.

Looking astatine the chart, the 14-day RSI is present tracking astatine 37.8, which is the weakest level for the indicator since precocious February.

Despite the caller selloff, ETH is inactive up from its level astatine the aforesaid clip past month, erstwhile it was trading astatine a level of $2,500.

Will we spot a turnaround successful ETH this coming week? Leave your thoughts successful the comments below.

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