Alexander Savenkov Bitcoin is drawing close to a significant downturn under the $29,000 threshold this Monday as market participants brace themselves for the Federal Reserve’s forthcoming interest rate verdict. Besides the Fed meeting, consumer sentiment metrics are also due from the United States. Meanwhile, Ethereum has experienced a three-week slump.
Bitcoin
Bitcoin (BTC) appeared on the verge of descending below the $29,000 line as the trading week kicked off, with market players gearing up for a data-heavy week.
BTC/USD, after reaching a Sunday peak of $30,330.64, dipped to an intraday low of $29,068.48 earlier in the day.
This downward trend has led Bitcoin to its lowest ebb since June 21, which marks the last time its price was under $29,000.
Bitcoin chart by TradingView
Overall, Bitcoin has depreciated by more than 3% compared to the same time last week, as evidenced by today’s selloff which coincided with the relative strength index (RSI) dipping below the 45.00 mark.
Currently, price momentum stands at 42.93, with the next evident resistance level projected at the 41.00 mark.
If the index hits this figure, it’s highly probable that BTC’s trading price will hover around the $28,800 mark.
Ethereum
Moreover, Ethereum (ETH) also started the week on a weaker note, once more dropping beneath the $1,900 threshold.
ETH/USD plunged to a low of $1,837.98 earlier in the day, following a peak of $1,904.48 just less than 24 hours prior.
Ethereum, like BTC, has also moved to a several-week low as a consequence, trading at its lowest point since June 8.
Ethereum chart by TradingView
A bearish signal is evident with a crossover of the 10-day (red) and 25-day (blue) moving averages.
Moreover, the RSI now registers a reading of 44.67, its lowest point since June 19, the last time the price was under $1,800.
In the coming days, bearish market participants may once again attempt to breach the $1,800 threshold.
Subscribe with your email here to receive weekly price analysis updates straight to your inbox:
Weekly Technical Analysis Report
Sign up
How will markets behave ahead of the interest rate verdict? Share your insights in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin Ethereum Technical Analysis
What is the recent trend for Bitcoin and Ethereum prices?
Bitcoin is nearing a significant downturn under the $29,000 mark, while Ethereum has fallen below the $1,900 threshold. Both trends mark a multi-week low for these cryptocurrencies as of the start of the week.
What important economic events are looming in the US?
Two significant US economic events are anticipated. The first is the Federal Reserve’s decision on interest rates, and the second is the release of consumer sentiment metrics. Both events could have significant impacts on the cryptocurrency markets.
What is the Relative Strength Index (RSI) for Bitcoin and Ethereum?
For Bitcoin, the Relative Strength Index (RSI) has dipped below 45.00, with the current price momentum at 42.93. Ethereum’s RSI is at 44.67, marking its lowest point since June 19.
What could happen if Bitcoin and Ethereum’s RSIs reach certain levels?
If Bitcoin’s RSI reaches the 41.00 mark, it’s highly likely that Bitcoin’s trading price will hover around the $28,800 mark. For Ethereum, if the bearish trend continues and the price breaches the $1,800 threshold, it may signal further price depreciation.
What are the 10-day and 25-day moving averages indicating for Ethereum?
A downward crossover of Ethereum’s 10-day and 25-day moving averages has occurred. This is typically a bearish signal, indicating potential for further price decline.
More about Bitcoin Ethereum Technical Analysis
- Bitcoin Price Analysis
- Ethereum Price Analysis
- Understanding the Relative Strength Index (RSI)
- Latest Federal Reserve Interest Rate Decision
- US Consumer Confidence Data
5 comments
Ethereum down to June 8 levels?! Thats a tough pill to swallow, but im here for the long game. Hang tight folks!
can someone pls explain what this ‘relative strength index’ means? Feeling kinda lost here… still a newbie. thx in advance!
seriously?? Under 29k for BTC and ETH below 1.9k… thats brutal. Don’t know bout you guys, but I ain’t panicking. HODL strong!!!
Boy, BTC and ETH ain’t looking too hot right now, huh? reckon its a good time to buy tho… you know, buy the dip n all that jazz.
Federal reserve… interest rates… it’s like a roller coaster in crypto land. Let’s strap in and enjoy the ride, folks!