Fun

Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Month Low, Following Easter Selloff

News Feed - 2022-04-18 11:04:00

Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Month Low, Following Easter Selloff


Following a weekend of bearish pressure, BTC’s price fell to its lowest level in over a month. ETH also neared a one-month low, which came as prices once again slipped below $3,000. Overall, the cryptocurrency market cap is down nearly 4% as of writing. Bitcoin


Bitcoin fell to a one-month low to start the week, as cryptocurrency prices continued to decline, following recent bearish pressure in the market.


Following a peak of $40,570.73 late on Sunday, BTC/USD dropped to a bottom of $38,696.19 during Monday’s session.


Today’s drop saw prices fall to their lowest point since March 15, and this comes as bears were able to break the recent $40,000 support level. BTC/USD – Daily Chart


Since hitting the earlier low, BTC has since rallied, and is currently sitting at around $39,350, as bulls attempted to recapture earlier losses.


Looking at the chart, today’s drop pushed the 14-day RSI to its own floor of 38, which is within oversold territory.


Bulls will hope that this support in price strength holds, if not we may see further declines, with some bears looking to take BTC closer to $35,000.


Ethereum


In addition to BTC, the world’s second-largest crypto was also trading lower, with recent declines during Monday’s session.


ETH/USD fell for a second consecutive day, dropping to an intraday low of $2,893.91 to start this week’s action.


Monday’s drop saw ETH hit its lowest point in just over three weeks, taking price marginally below support of $2,950 in the process. ETH/USD – Daily Chart


Similar to BTC, earlier losses have somewhat eased, as bears have likely taken some profits, whilst bulls also fight to maintain this floor.


As of writing, prices are now trading closer to support, despite the 14-day RSI falling below its own floor.


Price strength is currently tracking at 41, which is its lowest since early March, which could be a positive for bulls looking to buy this current weakness. Tags in this story Analysis, Bear and Bull markets, BTC, ETH


Will ETH fall to further lows as the week progresses, or rally to overcome the downward pressure? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: LINK Hovers Near Long-Term Support as ZIL Loses 10% of Its Value MARKET UPDATES | 8 hours ago Biggest Movers: WAVES, GMT, and EOS Among Big Gainers on Easter Weekend MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMetaverse Gaming Platform Manufactory Launches NFT-Based Land Drops Next articleBiggest Movers: LINK Hovers Near Long-Term Support as ZIL Loses 10% of Its Value Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItPolygon Announces Zero-Knowledge Identity Platform for Web3


On March 29, Polygon, the layer two (L2) scaling solution that runs parallel with the Ethereum blockchain, has announced a new identity platform called Polygon ID. While the protocol is is still under development, Polygon ID is powered by zero-knowledge ... read more.Leading NFT Marketplace Opensea to Add Solana Support in April 19 Million Bitcoin Have Been Mined Into Circulation, 2 Million Left to Be Found Indian Government Consulting With IMF, World Bank on Crypto Policy Sanctions Motivate Russia to Create Own Crypto Market Infrastructure, Finance Ministry Says

News Feed

Crypto Biz: MicroStrategy doubles down on Bitcoin, Ether ETFs delayed, and more
Ana Paula Pereira3 hours agoCrypto Biz: MicroStrategy doubles down on Bitcoin, Ether ETFs delayed, and moreThis week’s Crypto Biz covers MicroStrategy’s debt issuance to buy Bitcoin, the SEC’s delay on Ether ETFs,
India Freezes Crypto Exchange Wazirx’s Bank Assets — Binance Claims Acquisition of Wazirx Was ‘Never Completed’
India Freezes Crypto Exchange Wazirx"s Bank Assets — Binance Claims Acquisition of Wazirx Was "Never Completed" A major Indian cryptocurrency exchange, Wazirx, has had its bank a
Prashant Jha8 hours agoAsian and European stocks rally amid a wave of risk appetiteAsian and European stocks registered a bullish surge on Tuesday owing to the Fed’s hawkish outlook on interest rates.330 Total views4 T
Do Kwon to be extradited to US following last-ditch effort in Montenegrin court: Report
Turner Wright6 hours agoDo Kwon to be extradited to US following last-ditch effort in Montenegrin court: ReportThe High Court of Podgorica in Montenegro reportedly rejected a request to extradite Terraform Labs co-founde
German Savings Banks Consider Offering Crypto Services to Customers
German Savings Banks Consider Offering Crypto Services to Customers An association of savings banks in Germany is looking to offer crypto services to customers in a pilot test that
Catching The Next Quick 5X: Why The Dogecoin Price Should Be On Your Radar
Este artículo también está disponible en español. Recent developments suggest that crypto investors looking to catch the next quick 5x should be keeping an eye on the Dog
Ethereum Holds Key Support To Set A $6,000 Target – Analyst
Este artículo también está disponible en español. Ethereum (ETH) is showing strength, finding support at a critical level around $2,400 and pushing to local highs near $2
Dogecoin Price Closes Daily Candle With A Doji, What This Means
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Over 40 Bitcoin Forks Are Down More Than 98% Since 2017’s Forking Fiesta
Over 40 Bitcoin Forks Are Down More Than 98% Since 2017"s Forking FiestaSince the summer of 2017, more than 44 forks of the Bitcoin network were created and so far many of them have
New York Giants’ Saquon Barkley Plans to Convert Endorsement Revenue to Bitcoin
New York Giants" Saquon Barkley Plans to Convert Endorsement Revenue to Bitcoin Another pro athlete in the National Football League (NFL) is planning to convert
Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin’s Main Sidechain
Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin"s Main SidechainYears ago when the Bitcoin network started suffering from higher fees and congestion, a number o
Ana Paula Pereira13 hours agoCanada’s court deem emoji valid as a contract agreement: ReportThe case sought to determine whether a Canadian farmer had agreed to sell tons of flax to a grain buyer in 2021 by replying wi