Bitcoin, Ethereum Technical Analysis: BTC Below $20,000, ETH Slips Under $1,000

June 18, 2022

Bitcoin fell beneath $20,000 on Saturday, because the sell-off in cryptocurrency markets continued to start out the weekend. ETH was additionally buying and selling beneath a key stage, as costs fell beneath $1,000 for the primary time in over 18 months.

Bitcoin

Bitcoin fell beneath $20,000 on Saturday, as bearish momentum prolonged getting into the weekend.

Despite one of the best effort of bulls to carry the road, the latest worth assist of $20,200 lastly gave method earlier right now.

As a results of this, BTC/USD fell to an intraday low of $18,905.98 earlier in right now’s session, which is the bottom stage BTC has traded since December 2020.

Overall, BTC has fallen by practically $13,000 for the reason that starting of the month, with the value now down 30% within the final seven days.

In addition to this, the Relative Strength Index (RSI) is buying and selling at 20.9, which is its lowest level in over 5 years.

Bulls will doubtless see this as a possibility, nevertheless with the present volatility available in the market we may even see extra turbulence in upcoming weeks.

Ethereum

Similar to bitcoin, ETH fell beneath a key level on Saturday, with costs dropping beneath $1,000 for the primary time since January 2020.

ETH/USD slipped to an intraday low of $986.85 to start out the weekend, which is sort of marginally decrease than yesterday’s peak at $1,105.23

This drop noticed ETH breakout from its latest worth flooring of $1,050, which we outlined yesterday was one of many final traces of protection stopping a drop into the $900 area.

Percentage smart, the drop in ETH over the previous seven days has been better than in BTC, with costs right here falling by practically 40% since final Saturday.

As of writing, ethereum is buying and selling over 50% decrease than in the beginning of June, following a streak of just about two weeks price of back-to-back declines.

Currently, costs have moved again above $1,000, nevertheless there’ll doubtless be extra strikes beneath this level because the weekend progresses.

Where will the following assist level be in ETH? Leave your ideas within the feedback beneath.