On Thursday, the price of Bitcoin fell for a second straight session as it approached a crucial level of support. The cryptocurrency has dropped below $29,000 as a result of today’s sell-off, and is currently trading at a ten-day low. The session today saw Ethereum drop to a one-week low.

Bitcoin

On Thursday, Bitcoin (BTC) fell once again as traders held onto their gains from the bull run the previous week.

A day after reaching a high of $29,509.35, BTC/USD dropped to an intraday low of $28,596.91 earlier in today’s session.

Since the price traded at a bottom of about $28,100 on April 10, this is the lowest position bitcoin has ever reached.

Looking at the chart, the move on Thursday saw BTC go below a recent floor at $28,600 while the relative strength index (RSI) also dropped towards a floor.

As of this writing, the index is tracking at 51.47, just above the previously noted support level of 50.00.

BTC has already risen above previous lows and is currently trading at $28,837.95 as of this writing.

Ethereum

In today’s session, traders were looking for a level of support as Ethereum (ETH) fell to a one-week low.

ETH/USD hit a high of $2,005.44 on Wednesday before falling to a low of $1,928.58 earlier in the day.

Due to this decline, ethereum reached its lowest position since April 13, when it had been hovering just above $1,900.

ETH has risen as of this writing, which appears to be a result of its RSI bouncing off a floor at 52.00.

The index is currently at 54.54 and Ethereum is trading at $1,945.58, which is below the impending ceiling of 58.00.

There is a significant likelihood that ETH will be back over $2,000 if bulls can push price strength to, or above, 58.00.