ETH traded below $2,800 earlier in the week as the bears extended recent market sentiment. Bitcoin also fell below $40,000 at times while the global crypto market cap is down nearly 3% at press time.
Bitcoin
For the fourth straight day, the price of the world’s largest crypto traded lower as market pressures continued to scare off bulls.
After Friday’s high of $40,827, BTC is down 1.3% and is trading near its lowest level since February 4 before climbing back above $40,200 at press time.
The move led the price to hit an intraday low of $39,637 – a former support area.
BTC/USD daily chart | Source: TradingView
The price pullback came as strength entered oversold territory, also on solid footing, after the 14-day RSI fell below the 44.2 floor.
The indicator then bounced back to 43.55. This is the lowest reading since Feb. 3, when Bitcoin traded as low as $36,200.
Despite the recent decline, it still seems likely that the price will trade lower if the decline continues.
ETH
ETH is on track to dip below $2,700 at press time, as the largest altcoin continues its bearish streak this week.
On Saturday, ETH fell to an intraday low of $2,712 in today’s trading session, holding a 2-week low along the way.
Looking at the chart, the 14-day relative strength index also slipped to a multi-week low and is currently hovering around 41.28, its lowest level since February 2nd.
ETH/USD daily chart | Source: TradingView
The price drop has seen ETH find a bottom at $2,685 with the RSI holding support at 40.
However, if these levels fail to hold due to the looming pressure, we could definitely see ETH slipping towards $2,400.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
