Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Week
Volatility in crypto markets remained high on Monday, as bitcoin was mostly in the red to start the week. The token has once again moved below $20,000, as prices appear to be consolidating. Ethereum was also trading sideways, with prices falling marginally below a key support level earlier in the day.
Bitcoin (BTC) started this week how it ended the previous, trading not only in the red, but also below $20,000.
The world’s largest cryptocurrency fell to an intraday low of $19,673.05 on Monday, as the post-nonfarm-payrolls-report bearish sentiment continued.
Today’s low saw BTC/USD briefly move close to its support point of $19,600, however bulls have so far resisted a move below this point.
Looking at the chart, it appears as though the decline came as the 24-day relative strength index (RSI) failed to break through its own ceiling.
As of writing, the RSI is tracking at 35.84, which is below the aforementioned resistance point of 37.90.
In order for bitcoin to climb back above $20,000, this is likely a hurdle it must first overcome.
Although ethereum (ETH) was once again trading below $1,600, prices were mostly higher than Sunday’s low.
ETH/USD hit a low of $1,540 during yesterday’s session, however it has rallied to a peak of $1,584.26 so far today.
The move takes ethereum closer to its recent resistance level of $1,615, which appears to be an area of sizable uncertainty.
This level of volatility has been heightened by the fact that the RSI is also near a similar point of resistance, as the index currently tracks at 48.00.
As seen from the chart, bears typically opt to reenter at this point, hoping to capitalize on bulls hoping for a breakout.
Like with bitcoin, should ETH bulls intend to send prices surging, they will first need to move past these current points of contention.
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Do you expect ethereum to move closer to $2,000 during September? Leave your thoughts in the comments below.