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Bitcoin, Ethereum Technical Analysis: ETH Plunges Below $1,800 as Red Wave Intensifies

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After moving to $32,000 earlier in the week BTC struggled to stay above $29,000 during Tuesday’s session. The red wave that took over Bitcoin bulls also broke Ethereumwhich, at the time of writing, has reduced prices by almost 8%.

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After a strong start to the week, Bitcoin traded lower again as prices fell below the $30,000 mark.

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Sale on Tuesday BTC/USD fell to an intraday low of $29,311.68, more than 7% off yesterday’s high of $31,693.29.

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After breaching the $30,500 ceiling on Monday, prices failed to break the higher resistance point of $31,550, which was an entry point for the bears.

BTC/USD – daily chart

Looking at the chart, today’s candle appears to be a bearish engulfing candle that has wiped out a precious three days of gains.

Although prices are still trading above $29,000, if this floor breaks, the $28,800 support level is likely to be the target.

At the time of writing, the 14-day RSI is tracking at 44.20 with its own support point fast approaching 43.30.

If it is violated, the bears are likely to reach their price target.

Ethereum

Ethereum continues to hover lower to start the week, with prices dropping to their lowest level in nearly two weeks today.

The second largest crypto token in the world has fallen nearly $2,000 in the last 24 hours, hitting its lowest level since May 28.

Tuesday intraday low Ethereum/USD bottomed out at $1,729.41 while breaking below its low of $1,750.

Ethereum/USD – daily chart

Since hitting this level, prices for the token have since rebounded, with the asset trading marginally above support at $1,761.81 at the time of writing.

Overall, prices are 6.71% below Monday’s high, with bearish momentum gaining momentum.

If we see this pressure expand, it is likely that Ethereum will trade in the $1600 range over the next few sessions.

Will Ethereum drop below $1,750 low this week? Leave your thoughts in the comments below.

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, nor is it a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.



Credit : news.bitcoin.com

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