Bitcoin and Ethereum, the two leading cryptocurrencies, are currently in a consolidation phase following their recent upward momentum. As of the time of writing, the global cryptocurrency market is down 1.19%, reflecting uncertain sentiment resulting from profit taking over the weekend. On Monday, Ethereum also experienced a decline.
During today’s session, BTC/USD slipped to an intraday low of $30,045.23, which occurred a day after reaching a peak of $30,437.56.
This level is slightly above the support level at 52.00, which has acted as a crucial barrier preventing BTC from falling below $30,000.
Currently, bitcoin is trading at $30,201.14.
After reaching a high of $1,942.03 during Sunday’s session, ETH/USD dropped to a low of $1,901.06 at the beginning of the week.
This marks the fourth consecutive day of decline for the world’s second-largest cryptocurrency.
Ethereum chart by TradingView
Since reaching a multi-month high at $2,029, selling pressure and profit taking have caused the price to move lower.
Similar to BTC, this decline was attributed to the overbought condition indicated by a reading above 70.00 on the RSI. However, it currently sits at 52.94.
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Frequently Asked Questions (FAQs) about cryptocurrency consolidation
Q: What is the current status of the cryptocurrency market and its recent gains?
A: The cryptocurrency market is currently in a consolidation phase after experiencing recent gains. Bitcoin and Ethereum, the leading cryptocurrencies, are hovering above key price levels. The sentiment remains uncertain, partly due to profit taking over the weekend.
Q: How did Bitcoin perform on Monday and what prevented it from dropping below $30,000?
A: On Monday, Bitcoin narrowly avoided dropping below the $30,000 mark. It reached an intraday low of $30,045.23, following a peak of $30,437.56. The relative strength index (RSI) currently sits above a support level at 52.00, acting as a defense against a decline below $30,000.
Q: What was the performance of Ethereum on Monday and what challenges did it face?
A: Ethereum experienced a decline on Monday, with traders managing to prevent the price from dropping below $1,900. It reached a high of $1,942.03 before dropping to $1,901.06. Ethereum has been facing selling pressure and profit taking after reaching a multi-month high at $2,029.
Q: What are the key factors affecting the price movements of Bitcoin and Ethereum?
A: Both Bitcoin and Ethereum have recently faced overbought conditions, indicated by high readings on the relative strength index (RSI). This has led to some selling pressure and price declines. Traders are closely monitoring support levels and resistance levels to gauge the direction of the market.
Q: Is there a possibility of a rebound for Ethereum in the coming days?
More about cryptocurrency consolidation
- Bitcoin Price Chart
- Ethereum Price Chart
- Relative Strength Index (RSI) Explained
- Understanding Overbought and Oversold Conditions
- Cryptocurrency Market Analysis
- Crypto News and Updates
- Bitcoin News and Updates
- Ethereum News and Updates