Bitcoin, Ethereum Technical Analysis: ETH, BTC Both Near 2-Week Lows Following Recent Declines
BTC and ETH were once again lower during today’s trading session, as both were trading close to two-week lows. Bitcoin dropped below $43,000 for the first time since March 24, while ETH hit a bottom near $3,100 on Thursday.
Bitcoin continued trading lower on Thursday, as the world’s largest cryptocurrency fell below $43,000 for the first time in over two weeks.
Following a peak of $45,424.98 on Wednesday, BTC/USD fell to an intraday low of $42,899.91 during today’s session.
This is the lowest level BTC has traded since March 24, and bitcoin has seen its price fall close to its long-term support of $45,500.
Since hitting this floor, prices have somewhat rebounded, with bulls ramping up pressure in order to keep them above the support.
Looking at the chart, the 14-day Relative Strength Index (RSI) has also fallen to its lowest point in over five weeks, however there could be more lows ahead.
Should the RSI move below its current floor of 46.60, price strength could drop to as low as 34, as seen in late February.
ETH also fell to a multi-week low during today’s session, however prices have since rebounded after hitting a recent support point.
As of writing, ETH/USD had dropped to a bottom of $3,155.58 during today’s session, which was close to its support of $3,145.
However, prices have rallied since hitting this point, and ETH is now trading at $3,250.06, which is still 1.69% below yesterday’s high.
Similar to BTC, the 14-day RSI on the ETH chart is now tracking at 53.23, which is its lowest point since March 15, however it is still relatively overbought, as it remains above 50.
The moving average of 10-days (red) has also shown some signs of slowing, as it has begun trending sideways, which increases the chance of a future downward cross.
Should this happen, prices will likely be trading below the $3,000 level, as momentum would have truly turned bearish at that point.
Do you expect this decline in ETH to continue as we prepare for the weekend, following its recent upwards rally? Leave your thoughts in the comments below.
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