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On April 19, Bitcoin hit a one-week low as markets stabilised after a recent bull run. Prices earlier in the session were on the verge of breaking below the $29,000 barrier after today’s red wave. Ethereum also decreased, dropping under $2,000 in value.
Bitcoin
On Wednesday, Bitcoin (BTC) declined as markets settled after recent price increases.
BTC/USD hit a high of $30,470.30 on Tuesday before falling to a low of $29,102.17 earlier in the day.
The bitcoin price dropped to its lowest level since April 10, when it fell below $29,000 at the time of the low.
Overall, today’s sell-off occurred as the 14-day relative strength index (RSI) fell below a floor at 59.00.
The index is currently tracking at 54.97, with 55.00 serving as the next obvious level of support.
There is a significant likelihood that BTC will be trading around a floor at $28,600 should this level be reached.
Ethereum
The red wave on Wednesday pushed down the price of Ethereum (ETH), which also fell below $2,000, in addition to Bitcoin (BTC).
Less than 24 hours after trading at the top of $2,121.53, the price of Ethereum in US dollars fell to a low of $1,967.17.
The action was taken as the price of Ethereum dropped below its most recent price floor at $2,030, with some anticipating a lower floor of around $1,830.
Finally, the RSI had a level above 75.00 to start the week, indicating that ETH was somewhat overbought recently.
Bears returned to the market, driving price strength to a current level of 55.00.
Sellers may aim for a floor below 51.00; if they succeed, ETH will almost surely trade below $1,900.
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