After several sessions of consolidation,ETHfinally dipped, falling below the $2,000 mark in the process. By the end of the week, bitcoin had also fallen two sessions in a row, its price dropping below $29,000.
Bitcoin fell below the $29,000 level on Thursday, with bears pushing prices down for another week.
As a result of two consecutive selling sessions,for BTC/USD fell to an intraday low of $28,708.96 on Thursday.
This drop came after trading at $30,016.18 on Wednesday. However, they are down more than 3% as traders are still looking for a steady point of support.
Although the 14-day Relative Strength Index (RSI) is trading below 30, which is oversold territory, there remains potential for further weakness According to some opinions, many do not expect the bulls to buy the downside.
The chart shows that the indicator is currently at 34.94, just below the ceiling of 35.46.
A major rally is unlikely until the ceiling is broken or a move to last week’s low of 25.
After several days of consolidation,ETHfell on Thursday, with prices dropping below $2,000.
Although bearish pressure intensified this week, ETH/USD managed to largely maintain this sentiment until today.
At the time of writing,.ETHis down to an intraday bottom of $1907.02, about 5% below yesterday’s peak of $2039.83.
Yesterday we discussed that we might see a breakout of the $1950 level, but not only did it happen, but it broke through.
However, during the day, price returned to that level, confirming its status as a support point.
At the time of writing,ETHis trading at $1952.28 and the 14-day RSI is just below the 35 ceiling.
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