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Bitcoin And Ethereum See Downtrend. Will Bulls TakeOver?

Highlights

    General crypto markets remain stable in the past 24 hours

    BTC price sees minor stagnation at $10,750

    Eth becomes range-bound, fibs at $350

The last 24 hours have been reluctant as BTC and other major cryptocurrencies are seen to be perambulating about the same spot.

Bitcoin (BTC) had recently experienced a price pump of around 5% altogether. This made prices test the important $11k level.

These collective price actions altogether instigated a major market swing. Many altcoins, including Ethereum (ETH) and Ripple (XRP), all moved correspondingly to price stagnation.

However, over the last 24hours, the crypto market calmly rested from previous drastic movements. With little to no gains or losses, the crypto markets continue to look forward to future price sentiments.

1. Bitcoin (BTC 1.2% Loss):

ETH price today

The price of BTC has since yesterday plunged by about 1.5% and now stands comfortably below the $10,800 mark. As this price momentum proves uncertain, BTC presently bends towards a very likely $11,000 price move. 

At the time of writing this piece, BTC is changing hands at $10,734. Within the last 24 hours, BTC was seen vacillating between $10,950 and the $10,700 area to build weak support within the range.

The top cryptocurrency gained around 2.7% on the 7-day timeframe but lost 3.5% in the 60-day timeframe.

Technical Points:

  • Prices build strong support at $10,700
  • Next level of key resistance at $10,950
  • Major trend is horizontal with equal ups and downs movements. 

Read More: Bitcoin Price Prediction: Will Bitcoin Reach $100,000 By 2020?

2. Ethereum (ETH 0.3% Loss):

ETH price today

Ethereum began the week on a quite good note. Moving up more than 6% over the weekend. From the previous day, ETH barely moved, maintaining a price around $355 as at today. 

However, the charts began to move in the same direction following the recent market reverse that was seen in BTC within the past 24 hours. As ETH slowly made small losses, it moved down the charts by around 0.3% in the last 24 hours to record its current price of $355. 

Ethereum gained almost 4% in the 7-day timeframe and also 6% in the 60-day graph. 

Technical Points: 

  • Prices found resistance at the $360 corner 
  • Next level of key support lies at $350 
  • RSI has returned from the 30.0 overbought condition. 

Also Read : Will Ethereum Overcome the Recession in 2020?

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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