ETH Below $1,600, BTC Below $21,000 to Start the Week – Market Updates Bitcoin News
Ethereum extended recent declines to start the week, as the token briefly fell below a key support point in today’s session. Monday’s selloff saw the majority of the cryptocurrency’s top 100 in the red, with the global market cap down 1.61% at the time of writing. Bitcoin also fell, falling once again below $21,000.
Bitcoin
Bitcoin (BTC) started the week in the red, as prices of the token fell after a mini-rally over the weekend.
Less than 24 hours after hitting a high of $21,668.85, BTC/USD fell to an intraday low of $20,939.18 earlier in the day.
This drop saw bitcoin move closer to its recent support point of $20,800, which it last hit on Saturday, but bulls have so far resisted a similar event today.
Looking at the chart, previous bearish momentum has subsided somewhat and at the time of writing, the token is trading at $21,251.86.
Overall, BTC has fallen lower in seven of the last nine sessions, resulting in a bearish crossover between the 10-day (red) moving average (MA) and the 25-day (blue) MA.
Although the $20,800 floor has so far held firm, we are likely to see BTC move below $20,000 if the bearish pressure intensifies.
Ethereum
Bearish sentiment was also present with ethereum (ETH), as the world’s second largest cryptocurrency continued to trade below $1,600.
ETH/USD, which hit a high of $1,640.94 on Sunday, edged lower in today’s session, falling to a low of $1,535.01.
Monday’s drop sees ETH remain near its lowest level since July 27, when prices fell below the $1,500 mark.
Focusing on the chart, today’s sell-off comes as the 14-day relative strength index again moved below the 43.00 floor.
At the time of writing, the index is trading at 41.90, which is its weakest reading since July 12, when ETH traded at $1,065.
Unlike BTC, the moving averages have yet to cross, but they are currently the closest since mid-July.
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Will ethereum move below $1500 in the coming days? Leave your thoughts in the comments below.
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