Alexander Savenkov Bitcoin prices dropped to a new low today, March 9, as Silvergate Bank announced it was ending its cryptocurrency services. Ethereum also went down during this period.
Bitcoin Prices Dip To Lowest Levels Since February 13
Bitcoin (BTC) dropped in value for four days straight on Thursday. This was because the market reacted to news about Silvergate Bank ceasing its services.
The price of BTC went from $22,198.90 Wednesday to a low of $21,609.99 today. That means that Bitcoin dipped to an amount not seen since February 13 when it traded at $21,366.
This situation can be seen in the daily chart of BTC/USD.
The latest drop in Bitcoin prices happened around the same time that the RSI number dropped to its lowest level since November 28. Right now, this number is 36.86, which is slightly under 37.00 but Bitcoin is still staying steady above $21,600. Maybe if it keeps that way, there’s hope for it recovering over the weekend.
Ethereum Price Drops to Lowest Level of 2021
Today, Ethereum (ETH) price has gone down again for a third day in a row. ETH/USD went down to $1,530.43 which is the lowest it’s been since February this year. Just like Bitcoin, its price has dropped making Ethereum the second most valuable cryptocurrency in terms of value. Chart below shows ETH/USD daily trend.
In the past week, Ethereum has gone down by 7%. This is shown by two lines on the graph moving closer together. The RSI number right now is really low compared to what it was in December at 40.57. If this trend continues, Ethereum could drop as low as $1,500. Sign up for our email list here to get weekly updates with price analysis information!
Do you think that ethereum might bounce back this week? Let us know what you think in the comments section.
