Both ETH and BTC fell close to five-week lows to start the week, as losses in crypto markets extended on Monday. Following bearish pressure over the weekend, BTC started the week trading below $39,000, while ETH was under $2,900.
Bitcoin started the week trading in the red for a fifth consecutive session, as prices dropped to multi-week lows.
Following a peak of $39,845.92 on Sunday, BTC/USD plunged to an intraday bottom of $38,338.38 earlier today.
This drop is the lowest level BTC has traded at since March 15, when price hit a bottom of $38,141.
Although price has moved marginally away from earlier lows, this recent descending pressure has led some to believe that more declines could be ahead.
Looking at the chart, there seems to be a key support point at the $37,570 level, which hasn’t been hit since mid-March, and should bearish momentum persist, this will likely be the next price target for traders.
Relative strength is also lower, with the 14-day RSI breaking out of its own floor of 40 this weekend, with a lower support also potentially on the horizon.
The world’s second-largest cryptocurrency was also down on Monday, as recent bearish sentiment continues to impact prices.
As of writing, today’s low sees ETH/USD fall to a bottom of $2,804.51, which comes after a high of $2,961.88 yesterday.
This bottom is the lowest level ethereum has traded at since March 18, and comes following seven days of lower lows.
The latest low comes after the support level of $2,950 was recently broken, with momentum of the 10-day and 25-day moving averages also fading in the process.
Looking at the chart, the 14-day RSI is now tracking at 37.8, which is the weakest level for the indicator since late February.
Despite the recent selloff, ETH is still up from its level at the same time last month, when it was trading at a floor of $2,500.
Will we see a turnaround in ETH this coming week? Leave your thoughts in the comments below.
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