Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,800, BTC Once Again Falls Under $30K
Despite a strong start to the week, bitcoin fell below $30,000 on Thursday, as crypto bears returned to action. Following an uncertain day of trading yesterday, bearish momentum has taken charge of markets, with ETH also in the red. Bitcoin
Following a strong start to the month, BTC fell lower, dropping below $30,000 on the second day of June.
Bitcoin rallied to a nearly three-week high earlier this week, however on Thursday fell to an intraday low of $29,501.59.
This drop comes less than 24 hours after BTC/USD hit a high of $31,848.82. However, as we approach tomorrow’s NFP report, market uncertainty seems to have pushed prices lower. BTC/USD – Daily Chart
Today’s move sees prices fall below the recent resistance level of $30,500, and they now look set to move towards a floor of $28,600.
Bulls have so far resisted any further declines, with the $29,500 point acting as interim support, however should bearish pressure intensify, we will likely see this decline extended.
A reason for the interim support is likely a result of the 14-day RSI holding firm at a support of its own, at 44.
Ethereum
After recent highs of its own, ETH dropped below $2,000 on Wednesday, however this decline has only worsened as the week has progressed.
ETH/USD dropped below $1,800 on Thursday, hitting an intraday low of $1,776.05 in the process.
Similar to bitcoin, ETH has broken below a ceiling as prices plunged, with support of $1,715 now a likely target for bears in the market. ETH/USD – Daily Chart
As can be seen from the chart, moving averages of 10-days and 25-days have moved closer in proximity, which despite today’s selloff is still a positive sign for bulls.
This is due to the fact that the likelihood of an upward cross has once again increased, meaning we could be set for a huge bounce in price.
The 14-day RSI here is also at a floor, and should this hold, bullish hopes may not be entirely lost for a strong month in June. Tags in this story Analysis, Bitcoin, ETH
Could a strong NFP report send crypto prices higher? 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: ATOM Falls Towards Multi-Week Low, as GRT Extends Recent Losses MARKET UPDATES | 8 hours ago Biggest Movers: TRX Moves Towards 7-Month High as KSM Extends Recent Gains MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTough Crypto Law Expected in Russia Despite Central Bank’s Softer Stance on Crypto Payments Next articleBitcoin Block Data Shows Top 5 Pools Retained Over 71% of the Global Hashrate Last Month 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 ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin