Will Bitcoin and Ethereum Drop To New Low This Week?
The cryptocurrency market has displayed a strong bearish price action over the past 48 hours, resulting in top tokens recording significant losses in their respective portfolios. Furthermore, the market leader, Bitcoin price has lost approximately 5% within the past 24 hours.
On the other hand, the leader of altcoins, the Ethereum (ETH) token has displayed a similar price action and has experienced a correction of 4.65% with a trading volume of $13.86 Billion. Will the crypto market recover this week or continue recording bearish action?
Planning on investing during the ongoing cross-border market correction? Let’s go as, in this article, we have covered the in-depth price analysis and market sentiments of Bitcoin (BTC) and Ethereum (ETH).
Bitcoin Price On The Verge Of A Major Break Down:
Despite kickstarting the month on a bullish note, the crypto market has recorded a strong bearish reversal by erasing 5.65% from its portfolio this week. Moreover, the star crypto, Bitcoin price, has recorded a 24-hour low of $59,670.07, indicating a rising bearish influence in the crypto space.
The Moving Average Convergence Divergence (MACD) has displayed a rising red histogram, indicating an increase in the selling-over-buying pressure in the crypto space. Moreover, the averages show a potential bearish convergence, suggesting a negative outlook for the BTC price this week.
On the other hand, the RSI has failed to retest its neutral point with its average showing a high possibility of a negative crossover. This highlights a bear power in the cryptocurrency market.
If the market holds the Bitcoin price above the support level of $60,819.50, the bulls will regain momentum and prepare to test its upper resistance level of $67,775. Conversely, bearish price action could pull the BTC crypto price toward its low of $55,000 in the coming time.
Ethereum Token Records Increased Bearish Sentiment:
Following in the footsteps of the market leader, the Ethereum price has displayed a similar trend by recording a correction of approximately 4% within the past day with a trading volume of $13.888 Billion, a change of +34.79%.
The Relative Strength Index (RSI) has recorded a sharp downtrend at its mid-point, highlighting an increase in the selling pressure. Furthermore, the average has displayed a bearish convergence, suggesting the ETH coin price will continue losing momentum this week.
Moreover, the technical indicator, SMA, constantly acts as a resistance to the Ethereum price chart, suggesting a weak bullish sentiment in the crypto market for the altcoin leader.
If the bears continue to dominate the crypto market, the ETH token will plunge toward its crucial support level of $3,000 this month. However, in case of a bullish reversal, the star altcoin may head toward its important resistance level of $3,730.
