Bitcoin and Ethereum Technical Analysis: Week Starts Down

Bitcoin and Ethereum Technical Analysis: Week Starts Down

After the weekend break cryptocurrency Bitcoin slumped to its lowest level since June as sentiment in the markets continued its bearish trend. BTC fell repeatedly after the US inflation report released last week and continued its decline ahead of the upcoming US FOMC meeting. Following this drop, Ethereum also fell and hit a multi-month low on its own.

Bitcoin Technical Analysis

bitcoin (BTC) has dropped to a four-month low at the start of the week as the bearish trend remains high in the crypto markets.

Bitcoin and Ethereum Technical Analysis: Week Starts Down

BTC/USD dipped as low as $18,390 earlier in the day, which came after a bottom break at $18,645. The drop saw Bitcoin hit its weakest point since June 18, the last time this support level was also broken.

Bitcoin technical analysis

Many investors believe the decline is due to the US Federal Open Market Committee meeting this week, when interest rates are expected to rise.

Looking at the chart, Monday’s sell-off follows the 14-day relative strength index (RSI) falling below its base at 41.30. Currently, BTC is trading below 38.00 and is currently in the oversold region, which could be positive for those expecting an eventual reversal.

Ethereum Technical Analysis As we reported last week Ethereum It was a historic week for (ETH), the much-anticipated The Merge took place and helped ETH rise.

However, since that rise, prices have dropped significantly, resulting in today’s bearish token dropping to as low as $1,287. This drop was recorded less than a week after trading above $1,700.

Ethereum technical analysis

As the chart shows, the drop represents the lowest point since July 16, when the price of ETH/USD rose from a spell below the $1,000 level.

The momentum of the moving averages (MA) has also changed, with the 10-day (red) trendline intersecting with its 25-day (blue) counterpart on the downside. Many investors think there will be more slides as the bears try to buy Ethereum below $1,000.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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