Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,500, While BTC Continues to Consolidate
Following recent multi-month highs, BTC continued to consolidate on Monday, as markets marginally fell to start the week. In addition to bitcoin, the current uncertainty in crypto markets also pushed ETH lower, falling below its $3,500 level as a result.
BTC was trading in the red to start the week, as the world’s largest cryptocurrency continued to move away from recent highs.
Following last week’s high above $48,220, BTC/USD hit a low of $45,839.92 earlier in today’s session.
Since breaking out of the resistance last Monday, BTC has struggled to regain momentum, and is now down nearly 3%, following those highs seven days ago.
Should bearish momentum continue, many expect to see bitcoin trading at its support of $45,000 as the week progresses, with some even anticipating a drop below this point.
Looking at the chart, the 14-day RSI has also shown that price strength has eased, with the indicator currently tracking below its own ceiling of 63.
Bulls will likely remain optimistic, as April has typically been a good month for BTC, with prices rising to previous record highs to start the second quarter of the year.
ETH has remained marginally higher in recent days, despite BTC falling, as it continues to showcase moments of negative correlation to bitcoin’s price trajectory.
Despite this, the world’s second-largest cryptocurrency finally correlated with bitcoin’s price movement today, as it fell below its $3,500 level.
As of writing, ETH/USD has fallen to an intraday low of $3,456.41 to start the week, as prices found resistance at the $3,540 level.
Overall ETH has climbed for 16 of the last 21 sessions, and this reflects in its seven day price gauge, which is still up by nearly 3%.
Looking at the chart, the resistance level 71.45 in the RSI seems to be the main hurdle in stopping prices from moving to $3,800.
Bulls may still believe in this occurring, as both short and long-term momentum continues to point upwards.
Could we see ETH climb to $3,800 as soon as this week? Leave your thoughts in the comments below.
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