Ethereum was trading below $2,800 to start the weekend, as crypto bears extended recent market sentiment. Bitcoin was also under $40,000, as the global cryptocurrency market cap dropped by nearly 3% as of writing.
Bitcoin
For a fourth consecutive session, prices of the world’s largest cryptocurrency traded lower, as market pressure continued to keep bulls away.
Following a high of $40,827.13 on Friday, BTC/USD is down 1.3% as of writing, and is trading close to its lowest level since February 4. .
The move saw BTC hit an intraday low of $39,637.62, which has acted as an area of support in the past.
BTC/USD – Daily Chart
This drop in price comes as price strength has also firmly entered oversold territory, after breaking below the 44.20 floor of the 14-day RSI.
We are now tracking at 43.55 on this indicator, which is its lowest reading since February 3, where bitcoin was traded at a low of $36,200.
Despite the recent fall, there still seems to be the possibility of further declines, should downside momentum continue to persist.
Ethereum
ETH was on the verge of falling below $2,700 as of writing, as the #2 cryptocurrency continued to extend this week’s losing streak.
Saturday saw ETH/USD fall to an intraday low of $2,712.96 during today’s session, as such maintaining a two-week low in the process.
Looking at the chart, the Relative Strength Index on 14-days has also slipped to multi-week lows, and currently tracks at 41.28, its lowest point since February 2.
ETH/USD – Daily Chart
This drop in price has seen ETH/USD find a floor at $2,685, with the RSI maintaining a support point of 40.
However, if these levels cannot be held up due to incoming pressure, we may inevitably see ETH fall towards $2,400.
What are the main factors behind this selloff? Leave your thoughts in the comments below.
Eliman Dambell
Image Credits: Shutterstock, Pixabay, Wiki Commons
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