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Recent declines in the world’s two largest cryptocurrencies eased to start the week, as both seemed to have found their respective floors. Bitcoin consolidated losses during Monday’s session, while ETH continued to trade sideways.
Bitcoin
Following a drop to a one-week low below $38,000 on Sunday, the price of bitcoin rebounded to start the week, as a support point seems to have finally been found.
BTC/USD fell to an intraday low of $37,577 earlier in today’s session, which was its lowest point since February 28, however prices have since moved away from this point.
As of writing, BTC/USD is trading 0.59% higher, at a rate of $39,114.31, following an earlier high of $39,277.14
BTC/USD – Daily Chart
This rise in price comes as a result of bulls who bought yesterday’s drop, once the price found what looks to be a sustainable floor.
From the chart, history shows us that on February 4 and 28, a significant number of buyers entered the market.
This resulted in large price swings that helped form a bullish engulfing pattern, which wiped away between 2-3 days worth of drops.
Many now wait to see if history will repeat itself.
Ethereum
ETH continued its consolidation around the $2,600 range to start the week, as price movement in the world’s second largest crypto was largely muted.
Following three consecutive days of declines, ethereum appeared to find its floor at the $2,550 level on March 4, and since then, has mainly hovered above this point.
Despite falling to an intraday low of $2,507.11 earlier today, ETH/USD has rebounded, and as of writing is trading at $2,649.07.
ETH/USD – Daily Chart
The 14-day RSI also shows that price strength is marginally higher, and is currently tracking at 43.8, after briefly falling below its floor of 41.30 this past weekend.
Although bulls are likely lurking, some bears also remain, with the $2,400 floor a target for some who still believe more declines could be imminent.
Will we see this $2,400 floor hit this week? Or are we ready for a price surge? Leave your thoughts in the comments below.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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Source : Bitcoin
