by Eliman Dambell
Following a volatile weekend of trading, cryptocurrency prices consolidated to start the week, with BTC close to its long-term floor. Overall, bitcoin was trading marginally below $30,000, with ETH hovering slightly above $2,000.
BTC started the week trading below $30,000 following a volatile weekend of trading, which saw prices mainly consolidate.
Following a rise to a peak of $31,308.19 during Sunday’s session, BTC/USD fell to an intraday low of $29,412.58 on Monday.
Today’s low has seen prices approach the long-term support level of $28,800, following a rebound from this point on Saturday.
Overall, price strength continues to hover in oversold territory, with the 14-day relative strength index (RSI) tracking at 32.44.
This is below a resistance level of 36.40, which was held on Sunday, leading to today’s selloff, as bears re-entered the market.
Should this momentum continue, we will likely see the price floor of $28,800 hit, with a chance of a potential breakout towards $25,000.
The world’s second largest cryptocurrency also started the week lower, however, it was able to stabilize above the $2,000 level for most of the session.
ETH/USD dropped to a bottom of $2,000.09 on Monday, which is around 3.27% lower than yesterday’s peak of $2,147.19
Similar to BTC, today’s drop sees ETH move closer to its price floor, which is near the $1,950 level.
As of writing, prices are trading slightly higher at $2,024.92 following previous lows. However, the 10-day moving average is still pointing to further downwards momentum.
This trend was magnified after the 35.35 resistance level on the 14-day RSI failed to break out during yesterday’s session.
As discussed earlier with bitcoin, we may inevitably see further lows in the coming days, but how low prices will drop will be the key question to ask.
Do you expect ETH to stay above $2,000 this week? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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