Bitcoin, Ethereum Technical Analysis: ETH Remains Below $2,800 to Start Weekend

Ethereum was trading beneath $2,800 to commencement the weekend, arsenic crypto bears extended caller marketplace sentiment. Bitcoin was besides nether $40,000, arsenic the planetary cryptocurrency marketplace headdress dropped by astir 3% arsenic of writing.

Bitcoin

For a 4th consecutive session, prices of the world’s largest cryptocurrency traded lower, arsenic marketplace unit continued to support bulls away.

Following a precocious of $40,827.13 connected Friday, BTC/USD is down 1.3% arsenic of writing, and is trading adjacent to its lowest level since February 4. .

The determination saw BTC deed an intraday debased of $39,637.62, which has acted arsenic an country of enactment successful the past.

BTC/USD – Daily Chart

This driblet successful terms comes arsenic terms spot has besides firmly entered oversold territory, aft breaking beneath the 44.20 level of the 14-day RSI.

We are present tracking astatine 43.55 connected this indicator, which is its lowest speechmaking since February 3, wherever bitcoin was traded astatine a debased of $36,200.

Despite the caller fall, determination inactive seems to beryllium the anticipation of further declines, should downside momentum proceed to persist.

Ethereum

ETH was connected the verge of falling beneath $2,700 arsenic of writing, arsenic the #2 cryptocurrency continued to widen this week’s losing streak.

Saturday saw ETH/USD autumn to an intraday debased of $2,712.96 during today’s session, arsenic specified maintaining a two-week debased successful the process.

Looking astatine the chart, the Relative Strength Index connected 14-days has besides slipped to multi-week lows, and presently tracks astatine 41.28, its lowest constituent since February 2.

ETH/USD – Daily Chart

This driblet successful terms has seen ETH/USD find a level astatine $2,685, with the RSI maintaining a enactment constituent of 40.

However, if these levels cannot beryllium held up owed to incoming pressure, we whitethorn inevitably spot ETH autumn towards $2,400.

What are the main factors down this selloff? Leave your thoughts successful the comments below.

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