As bearish sentiment remains in crypto markets, bitcoin dropped to its lowest level since June on Monday. Following last week's U.S. Inflation Report, the token fell in consecutive sessions. The fall is ahead of the U.S. Federal Open Market Committee meeting. Ethereum also fell, reaching a multi-month high.
Bitcoin (BTC), which fell to a low of four months to begin the week, was due to bearish sentiment in crypto markets.
BTC/USD fell to $18,390.32 intraday earlier in the day. This comes after a breakout at $18,645.
Bitcoin fell to its lowest point since June 18, when it was at its highest level since that time.
Many believe that the decline is occurring ahead of the U.S. Federal Open Market Committee meeting this week, when it is expected that interest rate hikes will occur.
The chart shows that Monday's selloff is due to the fact that the 14-day relative weakness index (RSI), fell below 41.30.
The token trades below 38.00 as of writing. It is currently in oversold territory which could be a good sign for those who anticipate a turnaround.
Last week was a landmark week for ethereum, as the much-anticipated Merge took place. This saw the token "green" and became a historical week.
However, prices have fallen significantly since then. Today's token is at a low of $1.287.42.
This is less than one week after $1,700 was the second-largest cryptocurrency traded.
The chart shows that ETH/USD fell to its lowest point since July 16th, when prices had been rising from below $1,000.
The momentum of moving averages has also changed, with the 10-day trend line (red) crossing its counterpart (blue), in a downward direction.
Many believe we could still see slippages with bears trying to steal ethereum below 1,000.
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In the next few days, will ethereum fall below $1,000? Comment below to share your thoughts.
By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Month Lows to Start the Week
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-eth-hit-multi-month-lows-to-start-the-week/
Published Date: Mon, 19 Sep 2022 13:00:58 +0000