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Home»Altcoin»Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000 on Monday, as US Dollar Rallies
Altcoin

Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000 on Monday, as US Dollar Rallies

cryptossorBy cryptossorNisan 17, 2023Yorum yapılmamış2 Mins Read
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Bitcoin started the week trading below $30,000, as the U.S. dollar strengthened during Monday’s session. USD/JPY rose to a one-month high, with the greenback also gaining against the euro and British pound. Ethereum was also lower, falling below $2,100.

Bitcoin

Bitcoin (BTC) dropped below the $30,000 mark on Monday, as a strong U.S. dollar weakened cryptocurrency markets.

BTC/USD fell to an intraday low of $29,816.72, which comes less than 24 hours after trading at a high of $30,555.54.

Monday’s price slippage comes two days after bitcoin rose above $31,000 for the first time since June 7.

Bitcoin chart by TradingView

new TradingView.widget(
{
“width”: “100%”,
“height”: “400”,
“symbol”: “BITSTAMP:BTCUSD”,
“interval”: “D”,
“timezone”: “Etc/UTC”,
“theme”: “light”,
“style”: “1”,
“locale”: “en”,
“toolbar_bg”: “#F1F3F6”,
“enable_publishing”: false,
“container_id”: “tradingview_1247e”
}
);

Ultimately, this recent bull run pushed BTC into overbought territory, with the relative strength index (RSI) hitting a ceiling of 71.00.

At the time of writing, the index is tracking at 63.45, with a floor at the 59.00 mark potentially approaching.

Should price strength continue to move towards this level, there is a good chance that BTC will move below a floor at $29,600.

Ethereum

Ethereum (ETH) mostly consolidated to start the week, as price moved below the $2,100 mark on Monday.

Following a high of $2,137.45 on Sunday, ETH/USD dropped to a bottom of $2,076.18 earlier in today’s session.

Monday’s decline sees the world’s second largest cryptocurrency drop from a recent 11-month high.

Ethereum chart by TradingView

new TradingView.widget(
{
“width”: “100%”,
“height”: “400”,
“symbol”: “BITSTAMP:ETHUSD”,
“interval”: “D”,
“timezone”: “Etc/UTC”,
“theme”: “light”,
“style”: “1”,
“locale”: “en”,
“toolbar_bg”: “#F1F3F6”,
“enable_publishing”: false,
“container_id”: “tradingview_1247e”
}
);

Similar to bitcoin, this decline coincided with the 14-day RSI failing to break out of a ceiling, and in this instance it was at the 75.00 mark.

Despite this, ETH remains close to the $2,100 mark, helped by the fact the index is still above its floor at 69.00

If this point of support were to break, then bears would likely reenter the market.

Register your email here to get weekly price analysis updates sent to your inbox:

Could ethereum fall below $2,000 this week? Leave your thoughts in the comments below.



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