After moving towards $32,000 earlier in the week, BTC struggled to stay above $29,000 during Tuesday’s session. The Red Wave that captured the bitcoin bulls also overtook ETH, bringing the price down by about 8%, as written.
Bitcoin
After a strong start to the week, bitcoin was trading lower once again as the price dropped below $30,000.
BTC/USD slipped to a low of $29,311.68 in Tuesday’s selloff, down 7% from yesterday’s high of $31,693.29.
After breaking its $30,500 range on Monday, the price was unable to cross the higher resistance point of $31,550, which was an entry point for the bears.
Looking at the chart, today’s candlestick appears to be a bearish bearish candlestick that has erased three days of precious gains.
Although the price is still trading above the $29,000 level, if there is a break above this floor, the $28,800 support level could be targeted.
At the time of writing, the 14-day RSI is tracking at 44.20, with its support point becoming bullish at 43.30.
If this is broken out, the bears are likely to reach their price target.
Ethereum
ETH continues to move lower to begin the week, with the price today hitting its lowest level in almost a fortnight.
The world’s second largest crypto token fell nearly $2,000 in the past 24 hours, reaching its lowest point since May 28.
Tuesday’s intraday low in ETH/USD saw it hit a low of $1,729.41, falling below its low of $1,750 in the process.
Since reaching this floor, the coin price has bounced again, and the asset is trading slightly above the support at $1,761.81 as of writing.
Overall, prices are down 6.71% from Monday’s high, with the bearish momentum consolidating strongly.
Should we see this pressure building up, it is likely that ETH will trade in the $1,600 range in the coming sessions.
Will ETH break below its $1,750 level this week? Give your thoughts in the comment below.
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