Bitcoin, Ethereum Technical Analysis: BTC, ETH Start the Week Lower, as Market Volatility Remains High
Cryptocurrency markets consolidated to start the week, with bitcoin trading below the $27,000 mark during today’s session. Volatility has been significantly higher in the past few days, as the unemployment rate in the United States surged to a multi-month high.
Bitcoin (BTC) was trading below the $27,000 level on Monday, as crypto market volatility remained high to start the week.
Following a high of $27,407.02 on Sunday, BTC/USD slipped to an intraday low of $26,712.73 earlier in today’s session.
As a result of the move, the relative strength index (RSI) fell below a recent support point at the 47.00 level.
The index is now tracking at 44.43, which is marginally above an upcoming floor at the 43.00 mark.
Should bears retreat to this point, there is a strong possibility that BTC could collide with a floor of its own at $26,300.
Despite this, there is still some optimism from bulls that a recent upwards cross of moving averages could point to an upcoming shift in momentum.
Ethereum (ETH) also suffered from the day’s volatility, with prices once again moving below $1,900.
ETH/USD dropped to a bottom at $1,864.17 to start the week, which comes a day after trading at $1,912.21.
The decline is the third straight day in which the world’s second largest cryptocurrency has fallen lower.
Should bears continue to control market sentiment, ETH will likely hit a floor at the $1,830 level.
Price strength is currently at a reading of 51.57, with a point of support close, at the 51.00 zone.
In the event this level is broken, there will likely be an influx of bearish activity.
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Will ethereum move above $2,000 in June? Leave your thoughts in the comments below.