Bitcoin, Ethereum Technical Analysis: BTC Falls to 2-Month Low Following the Latest NFP Report
Bitcoin fell to its lowest level in over two months, as Friday’s non-farm payrolls report showed an addition of 428,000. It was expected that last month’s payrolls would show an increase of 391,000 jobs — lower than March’s figure of 431,000. ETH also fell on the news, hitting a six-week low. Bitcoin
Bitcoin fell by nearly 10% in today’s session, as traders continue to react to recent action by the Federal Reserve to hike interest rates.
Today’s drop, which sees prices of BTC/USD hit an intraday low of $35,714.30, also comes as markets were preparing for the latest non-farm payrolls report.
Friday’s drop sees bitcoin slip for a second consecutive session, with prices now trading at their lowest level since February 24. BTC/USD – Daily Chart
Despite slipping to a more than two-month low, there could be more declines ahead, as prices appear to be moving toward a floor of $34,050.
Looking at the chart, this latest fall in prices has pushed the RSI towards a one-month low of 35.50, which is a point that has acted as a floor in the past .
Should this support fail to hold firm, then we will likely see that floor of $34,050 hit in the next few days.
Ethereum
ETH was also submerged by the latest red wave in crypto markets, as prices moved towards a six-week low.
The world’s second-largest cryptocurrency fell to an intraday low of $2,668.60, which is its lowest level since March 16.
Today’s low took prices close to the long-term support level of $2,660, after breaking out of a higher price floor of $2,780. ETH/USD – Daily Chart
As prices dropped, relative strength also gave way, with the 14-day RSI slipping below its own floor of 42.80.
Should this floor also fall apart, then we could see even more lows in ETH, with bears already targeting a $2,500 support point.
Overall, since the start of April, ETH/USD has moved from a peak of $3,560, to now trading almost $1,000 lower. Tags in this story Analysis, BTC, ETH, NFP report
Will we see ETH continue to fall as we head into the weekend? 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: WAVES Drops 17% as NEAR, SOL, and AVAX Also Take Double-Digit Hits on Friday MARKET UPDATES | 9 hours ago Biggest Movers: ETC Climbs to 1-Week High, as AXS Moves Away From 10-Month Low MARKET UPDATES | 1 day ago
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