Bitcoin dropped for a second consecutive session on Thursday, as price moved towards a key point of support. Today’s sell-off has sent the cryptocurrency below $29,000, with the coin now trading at a ten-day low. Ethereum fell to a one-week low in today’s session.
Bitcoin
Bitcoin (BTC) was once again in the red on Thursday, as traders continued to secure gains from last week’s bull run.
BTC/USD fell to an intraday low of $28,596.91 earlier in today’s session, which comes a day after hitting a high of $29,509.35.
This is the lowest point that bitcoin has hit since April 10, when price traded at a bottom of around $28,100.
Looking at the chart, Thursday’s move saw BTC fall under a recent floor at $28,600, with the relative strength index (RSI) also dropping toward a floor of its own.
At the time of writing, the index is now tracking at 51.47, which is marginally above the aforementioned support at 50.00.
BTC has already moved away from earlier lows, and is currently trading at $28,837.95, as of writing.
Ethereum
Ethereum (ETH) slipped to a one-week low in today’s session, as traders attempted to find a point of support.
Following a high of $2,005.44 on Wednesday, ETH/USD dropped to a bottom at $1,928.58 earlier in the day.
As a result of this drop, ethereum fell to its weakest point since April 13, a day which saw ETH hover marginally above $1,900.
At the time of writing, ETH has rebounded, which appears to be due to its RSI bouncing from a floor at 52.00.
Ethereum is currently trading at $1,945.58, with the index at the 54.54 level, below an upcoming ceiling at 58.00.
If bulls were to take price strength to, or above, 58.00, there is a good chance that ETH will be back over the $2,000 level.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ethereum to climb above $2,000 this week? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Source: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-moves-below-29000-hitting-a-10-day-low/