Bitcoin, Ethereum Technical Analysis: ETH Prepares for Rally, While BTC Seeks Support

Bitcoin remained below the $40,000 degree on Sunday, as bears continued to stress cryptocurrency markets. This stress additionally saved ethereum decrease, with the world’s second-largest crypto hovering round its long-term help degree.

Bitcoin

Sunday noticed the value of bitcoin (BTC) commerce decrease for a fifth consecutive session, because it was unable to shake off current bearish stress.

BTC/USD fell to an intraday low of $38,211.65 on Sunday, which was round $500 decrease than its backside to begin the weekend.

Today’s transfer sees BTC fall to its lowest level since February 28, and is quick approaching its long-term ground of $37,600.

As a results of current declines in value, mid-term momentum out there has shifted, with the 25-day (blue) transferring common crossing under the 10-day (crimson) MA.

This is the primary time since December 27 that we’ve seen such a cross, with the 25-day crossing under the 10-day from an upwards place.

Such a shift in momentum may sign much more declines in value in upcoming periods.

Ethereum

Although ethereum (ETH) was additionally decrease on Sunday, its decline appeared to look extra like consolidation than an precise selloff.

Following a low of $2,587.75 on Saturday, ETH/USD had a backside of $2,595.57 throughout right this moment’s session to date.

This reveals that costs are considerably climbing, regardless of the onslaught of bearish motion at the moment happening in crypto markets.

A cause why we might be seeing this from ethereum and never bitcoin (BTC), is that at the moment the $2,550 help in ETH/USD appears properly outlined, as bitcoin nonetheless appears to be looking for its ground.

Looking on the chart, the identical could be mentioned for the 14-day Relative Strength Index, which additionally has discovered help at 41.80, serving to to provide bulls a agency floor on which to face on with potential future positions.

Is ethereum establishing for a robust rebound in subsequent week’s session? Leave your ideas within the feedback under.