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Bitcoin, Ethereum Technical Analysis: BTC and ETH Consolidate to Launch the Week

Volatility in crypto markets remained high on Monday, as bitcoin was mostly in the red to start the week. The token has once again moved below $20,000, as prices appear to be consolidating. Ethereum traded sideways as well, with prices falling slightly below a key support level earlier today.

Bitcoin

Bitcoin (BTC) started this week how it ended the previous, trading not only in the red, but also below $20,000.

The world’s largest cryptocurrency fell to an intraday low of $19,673. 05 on Monday, as the post-nonfarm-payrolls-report bearish sentiment continued.

Today’s low saw BTC/USD briefly move close to its support point of $19,600, however bulls have so far resisted a move below this point.

BTC/USD – Daily Chart

Looking at the chart, it appears as though the decline came as the 24-day relative strength index (RSI) failed to break through its own ceiling.

As of writing, the RSI is tracking at 35. 84, which is below the aforementioned resistance point of 37.90.

In order for bitcoin to climb back above $20,000, this is likely a hurdle it must first overcome.

Ethereum

Although ethereum (ETH) was once again trading below $1,600, prices were mostly higher than Sunday’s low.

ETH/USD hit a low of $1,540 during yesterday’s session, however it has rallied to a peak of $1,584. 26 so far today.

The move takes ethereum closer to its recent resistance level of $1,615, which appears to be an area of sizable uncertainty.

ETH/USD – Daily Chart

This level of volatility has been heightened by the fact that the RSI is also near a similar point of resistance, as the index currently tracks at 48.00.

As you can see, bears tend to reenter at these points in order to take advantage of bulls looking for a breakout.

Like with bitcoin, should ETH bulls intend to send prices surging, they will first need to move past these current points of contention.

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Do you expect ethereum to move closer to $2,000 during September? Please leave your comments below.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, retail trading educator, and market commentator for Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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