Bitcoin, Ethereum Technical Analysis: ETH Falls Below $2,000 as Crypto Bearish Pressure Intensifies 

Following respective sessions of consolidation, ETH has yet caved in, dropping beneath the $2,000 level successful the process. As we determination towards the extremity of the week bitcoin besides fell for a 2nd consecutive session, with prices falling beneath $29,000.

Bitcoin

Bitcoin dropped beneath the $29,000 level connected Thursday, arsenic bears continued to propulsion prices little this week.

As a effect of a 2nd consecutive league of selling, BTC/USD fell to an intraday debased of $28,708.96 connected Thursday.

This driblet comes aft prices were trading astatine a level of $30,016.18 connected Wednesday. However they’ve fallen by implicit 3% arsenic traders inactive look to find a unchangeable enactment point.

BTC/USD – Daily Chart

Despite the 14-day Relative Strength Index (RSI) trading beneath 30, which is successful oversold territory, galore bash not expect bulls to bargain immoderate dips, arsenic immoderate judge we could inactive beryllium heading to further lows.

Looking astatine the chart, this indicator is presently tracking astatine 34.94, which is marginally beneath a ceiling of 35.46.

We volition apt not spot immoderate important gains until either a breakout from the ceiling, oregon a determination towards past week’s debased of 25.

Ethereum

After respective days of consolidation, ETH plunged connected Thursday, with prices falling beneath $2,000.

Despite an onslaught of bearish unit this week, ETH/USD was mostly capable to prolong this sentiment until today.

As of writing, ETH fell to an intraday bottommost of $1,907.02, which is astir 5% little than yesterday’s highest astatine $2,039.83.

ETH/USD – Daily Chart

Yesterday, we discussed that we could spot the $1,950 level hit, which has not lone happened, but it has been broken.

However, arsenic the time progressed prices moved backmost towards that level, which confirms its presumption arsenic a enactment point.

As of writing, ETH is trading astatine $1,952.28, with the 14-day RSI somewhat beneath a ceiling of 35.

Could we spot ETH ascent supra $2,000 successful the adjacent fewer days? Leave your thoughts successful the comments below.

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