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.
BTC/USD, after reaching a Sunday peak of $30,330.64, dipped to an intraday low of $29,068.48 earlier in the day.
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.
If the index hits this figure, it’s highly probable that BTC’s trading price will hover around the $28,800 mark.
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
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.
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Frequently Asked Questions (FAQs) about Bitcoin Ethereum Technical Analysis
What is the recent trend for Bitcoin and Ethereum prices?
What important economic events are looming in the US?
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