THELOGICALINDIAN - Both ETH and BTC fell abutting to fiveweek lows to alpha the anniversary as losses in crypto markets continued on Monday Following bearish burden over the weekend BTC started the anniversary trading beneath 39000 while ETH was beneath 2900
Bitcoin
Bitcoin started the anniversary trading in the red for a fifth after session, as prices alone to multi-week lows.
Following a aiguille of $39,845.92 on Sunday, BTC/USD plunged to an intraday basal of $38,338.38 beforehand today.
This bead is the everyman akin BTC has traded at back March 15, back amount hit a basal of $38,141.
Although amount has confused hardly abroad from beforehand lows, this contempo bottomward burden has led some to accept that added declines could be ahead.
Looking at the chart, there seems to be a key abutment point at the $37,570 level, which hasn’t been hit back mid-March, and should bearish drive persist, this will acceptable be the abutting amount ambition for traders.
Relative backbone is additionally lower, with the 14-day RSI breaking out of its own attic of 40 this weekend, with a lower abutment additionally potentially on the horizon.
Ethereum
The world’s second-largest cryptocurrency was additionally bottomward on Monday, as contempo bearish affect continues to appulse prices.
As of writing, today’s low sees ETH/USD abatement to a basal of $2,804.51, which comes afterwards a aerial of $2,961.88 yesterday.
This basal is the everyman akin ethereum has traded at back March 18, and comes afterward seven canicule of lower lows.
The latest low comes afterwards the abutment akin of $2,950 was afresh broken, with drive of the 10-day and 25-day affective averages additionally crumbling in the process.
Looking at the chart, the 14-day RSI is now tracking at 37.8, which is the weakest akin for the indicator back backward February.
Despite the contempo selloff, ETH is still up from its akin at the aforementioned time aftermost month, back it was trading at a attic of $2,500.
Will we see a turnaround in ETH this advancing week? Leave your thoughts in the comments below.
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