Ethereum slipped below $1,900 during Thursday’s session as prices hit a two-week low. Bitcoin also traded lower during the day as it fell below the $29,000 mark. Overall, the crypto was down over 3% today.
BTC fell below $29,000 earlier in today’s session as downside pressure continues to build towards the end of the week. After hitting a high of $29,972.64 yesterday, the biggest cryptocurrency dropped to an intraday low of $28,954.97 earlier in the session.
This move saw BTC heading towards its support point at $28,800. However, it stopped short of that target as the bulls pushed prices slightly higher.
BTC is currently trading at $29,018.85, around 1.26% lower than yesterday’s high. Relative strength continues to track below its own resistance point, which is below 40, and currently sits at 37, which is slightly above the support at 36.6.
We probably won’t see any significant price moves unless one of these levels is broken.
The news that grabbed the headlines in the crypto markets on Thursday was undoubtedly Ethereum’s drop to a two-week low during today’s session.
Less than 24 hours after trading at a high of $2,014.37, ETH sank to a low of $1,810.35 earlier in the day.
The move has taken Ethereum to its lowest point since May 12, and comes as prices have fallen from their recent support point.
Prices have mostly held that floor at $1,950 for the past fortnight, but with the build-up of downside pressure, that level has finally given way.
What did not relent was the 14-day RSI ceiling at 37, which held steady despite the bulls’ attempts to force a breakout. This led to today’s drop, with the RSI now sitting at 31, which is close to a 1-week low.
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