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Bitcoin, Ethereum Technical Analysis: ETH Plunges Below $1,800 as Red Wave Intensifies

News Feed - 2022-06-07 10:06:37

Bitcoin, Ethereum Technical Analysis: ETH Plunges Below $1,800 as Red Wave Intensifies


Following a move towards $32,000 to start the week, BTC was fighting to stay above $29,000 during Tuesday’s session. The red wave which captured bitcoin bulls, also overcame ETH, pushing prices nearly 8% lower, as of writing. Bitcoin


Following a strong start to the week, bitcoin was once again trading lower, as prices dropped below the $30,000 mark.


Tuesday’s selloff saw BTC/USD slip to an intraday low of $29,311.68, which is over 7% lower than yesterday’s peak at $31,693.29.


After breaking out of its $30,500 ceiling on Monday, prices were unable to penetrate the higher resistance point of $31,550, which was an entry point for bears. BTC/USD – Daily Chart


Looking at the chart, today’s candlestick appears to be a bearish engulfing candlestick, which has wiped out the precious three days of gains.


Although prices are still trading above $29,000, should this floor break, then the target will likely be the $28,800 support level.


As of writing, the 14-day RSI is tracking at 44.20, with its own support point fast approaching at the 43.30 mark.


Should this be broken, the bears will likely reach their price target.


Ethereum


ETH continues to hover lower to start the week, with prices today dropping to their lowest point in almost a fortnight.


The world’s second largest crypto token fell by nearly $2,000 in the last 24 hours, hitting its lowest point since May 28.


Tuesday’s intraday low in ETH/USD saw it drop to a bottom of $1,729.41, breaking below its floor of $1,750 in the process. ETH/USD – Daily Chart


Since hitting this floor, prices of the token have since rebounded, and as of writing the asset is trading marginally above support at $1,761.81.


Overall, prices are 6.71% lower than Monday’s high, with bearish momentum going from strength to strength.


Should we see this pressure extend, it is likely that ETH will be trading into the $1,600 range in the next few sessions. Tags in this story Analysis, Bear Market, Bitcoin, ETH, Ethereum


Will ETH fall below its $1,750 floor this week? Leave your thoughts in the comments below. Eliman Dambell


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. Biggest Movers: SOL Slips 10% as Crypto Bears Return to Action  MARKET UPDATES | 7 hours ago Biggest Movers: ADA up 13% on Monday, THETA Moving Towards Multi-Week High MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDirector of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin Mining Rigs Next articleBitcoin Miners May Get Another Break This Week as Network’s Mining Difficulty Is Expected to Drop 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 ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


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