Ethereum plunged below the $1,600 level to start the week, as global markets reacted to the escalating tensions in the Middle East. Crude oil prices rallied from a six-week low, climbing by over 4% overnight. Bitcoin gave up recent gains, as traders fled to more traditional safe-haven assets.
Bitcoin
Bitcoin (BTC) slipped for a second straight session on Monday, with traders retreating from high-risk assets, as tensions in the Middle East escalated.
Following a peak of $27,999.55 on Sunday, BTC/USD dropped to an intraday low of $27,445.89 earlier in the day.
Overall, bitcoin has been edging lower since Friday, after bulls failed to orchestrate a break out above a ceiling at $28,300.
Bitcoin chart by TradingViewLooking at the chart, it now appears that momentum has shifted bearish, with bitcoin heading for a support point at $27,000.
The 14-day relative strength index (RSI) has also been on the decline, moving away from its resistance of 60.00, and is now tracking at 54.35
A target of 45.00 on the RSI will likely need to be hit, if bears are to push BTC below the $27,000 level in the coming days.
Ethereum
Ethereum (ETH) suffered heavy losses to start the week, with the price falling under the $1,600 zone.
ETH/USD moved to a bottom at $1,590.34 earlier in today’s session, which came a day after peaking at $1,638.90.
Overall, it appears that sellers are looking to push the world’s second-largest cryptocurrency to a floor at $1,560, before possibly taking profits.
Ethereum chart by TradingViewEthereum is now trading at a two-week low, with the RSI also hovering around its weakest point since late-September.
Price strength is now tracking at 41.65, after recently slipping below a point of support at the 43.00 level.
Register your email here to get weekly price analysis updates sent to your inbox:
Could crypto prices continue to decline this week? Leave your thoughts in the comments below.
Market Updates, Bitcoin, BTC, Crypto, Cryptocurrency, ETH, Ethereum, Technical AnalysisRead More
You might also be interested in reading Bitcoin bank proposal gains momentum in El Salvador.