Bitcoin and Ethereum saw their prices decrease on Apr. 19, as market participants moved into consolidation following a bull run. BTC fell to a one-week low, while ETH dropped below $2,000.
Bitcoin
Bitcoin (BTC) prices moved lower on Wednesday, as crypto markets shifted into consolidation following a recent surge in value.
BTC/USD dropped to a floor of $29,102.17 earlier in the day, which is its lowest point since Apr. 10. This sent the market below the $29,000 level.
The sell-off appears to have been triggered by the 14-day relative strength index (RSI) falling below a floor of 59.00. At the time of writing, the index is tracking at 54.97, with the next visible point of support at the 55.00 mark.
If this level is hit, it could push BTC to a lower floor at $28,600.
Ethereum
Ethereum (ETH) also saw its price decrease on Wednesday, with the price dropping below $2,000.
ETH/USD hit a low of $1,967.17 earlier today, which is just 24 hours after it traded at a peak of $2,121.53. This move came as the price fell below its recent floor at the $2,030 level, with some eyeing a lower floor at $1,830.
It appears that the recent surge in price placed ETH in a state of overbought, with the RSI hitting a reading above 75.00 to start the week. This gave way to bears, pushing the RSI to a current reading of 55.00.
Sellers could be targeting a floor at 51.00, which would likely see ETH trading under $1,900.
Register your email here to get weekly price analysis updates sent to your inbox:
What has been the cause of today’s market downturn? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or 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 responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
