Miguel Lopez The week began with Bitcoin slightly under the $26,000 mark, in anticipation of a critical week teeming with economic events. The most notable of which is the upcoming meeting of the U.S. Federal Reserve. Ethereum, on the other hand, stays below the $1,800 mark, awaiting the same interest rate decision this week.
Bitcoin
Bitcoin (BTC) hovered around the $26,000 mark on Monday, maintaining this level amid persistent market volatility due to recent key events.
The BTC/USD exchange rate reached a high of $26,203 during today’s trading, an improvement from Sunday’s low of $25,675.
Bitcoin enthusiasts tried to cross the resistance barrier of $26,300 at Monday’s peak, but the overall market outlook still leans towards the bearish side.
Bitcoin chart by TradingView
The relative strength index (RSI) also seems to approach a resistance level, currently standing at 42.16.
This sits slightly below an imminent cap at 46.00 and moderately above a support level near the 41.00 mark.
Further, the 10-day (red) moving average has kept its downward trend, fostering the bearish market sentiment.
Ethereum
Ethereum (ETH) continued to stay under the $1,800 threshold as the week began, edging closer to a multi-month low.
After reaching a peak at $1,776.85 on Sunday, ETH/USD dipped to a low of $1,722.91 on Monday.
This further nudged Ethereum towards the weekend’s low of $1,716, marking its lowest level since March 28.
Ethereum chart by TradingView
Following the most recent drop, Ethereum’s 10-day (red) moving average has finally intersected with its 25-day (blue) counterpart.
Moreover, the RSI currently sits at 38.00, remaining within the oversold zone.
To progress beyond this, the price strength will need to surpass the 40.00 mark, but a potential support at 31.00 could still catch the eye of sellers.
Subscribe here with your email to receive weekly price analysis updates:
Weekly Market Analysis Report
Sign up
Do you foresee Ethereum plunging below $1,700 this week? We’d love to hear your thoughts in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin and Ethereum Market Analysis
What is the current trading level of Bitcoin?
Bitcoin started the week trading marginally below the $26,000 level and continued to fluctuate around this mark.
How is Bitcoin’s market sentiment currently?
The market sentiment for Bitcoin remains largely bearish, as indicated by the relative strength index (RSI) tracking close to a level of resistance and the 10-day moving average maintaining a downward course.
What was Ethereum’s trading pattern at the start of the week?
Ethereum remained below $1,800 at the start of the week, tracking close to a multi-month low.
How is Ethereum’s market sentiment currently?
Ethereum’s market sentiment leans towards the bearish side. This is indicated by its 10-day moving average crossing over its 25-day counterpart and the relative strength index (RSI) currently tracking around the oversold region.
What is the upcoming economic event impacting Bitcoin and Ethereum?
Both Bitcoin and Ethereum are bracing for an impending U.S. Federal Reserve meeting, where the interest rate decision is expected to impact the cryptocurrency market.
More about Bitcoin and Ethereum Market Analysis
- Bitcoin Market Analysis
- Ethereum Market Analysis
- U.S. Federal Reserve Meeting
- Cryptocurrency Market Sentiment
- Relative Strength Index (RSI) Explained
5 comments
Whoa, Ethereum hitting multi-month low! time to buy i reckon. any thoughts guys?
Market’s bearish sentiment’s getting old, but I guess we’ll just have to see what the Fed does.
Still hodling onto my BTC. Always a roller coaster with these things, eh!
these ups and downs are tough on the nerves. anyone else think ether’s due for a climb soon?
Bitcoin’s been pretty stable around 26k, isn’t it? wonder what’ll happen after the Fed’s decision…