Bitcoin, Ethereum Technical Analysis: ETH Hits 1-Month Low, Drops Below $1,500
Bitcoin (BTC) continued to trade on Monday near a very weekly low as the market remained bearish ahead of the upcoming US currency situation report. BTC/USD dropped to a 1-day low of $21,539.50 to start the week after hitting a high of $22,060.99 on Sunday. Following this drop, bitcoin is seen nearing its lowest point since January 20, the last time prices were below $21,000. If we look at the chart, we will see that this sentiment comes in the form of the 14-day Relative Strength Index forming close to a support point at 44.00. At the time of writing this index is currently tracking at 45.80, with the resistance level of 50.00 being an ideal level. We can speculate here whether this target should be captured and whether the bulls can extend the rally further.
Ethereum ( ETH ) moved to a 1-month low to start the week as the price moved past the $1500 mark. Less than 24 hours after trading at a peak of $1,545.55, the coin fell to a low of $1,477.73 earlier today. Monday’s decline saw the world’s second-largest cryptocurrency hit its weakest point since January 14. This latest decline was registered in the price as the Relative Strength Index failed to stay above the long-term floor at the 44.00 level. The price strength at the time of writing is currently tracking at 42.26, which is its lowest reading since 28 December. Should this decline remain like this, there are more chances that Ethereum could collide with the $1,450 support.
