analysis, bitcoin, ethereum

Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. As of writing, the global cryptocurrency market cap is currently trading 2.85% lower. Ethereum also dropped lower on Monday, with prices moving away from a recent high above $2,000.

Bitcoin

After a brief stint above $25,000 over the weekend, bitcoin (BTC) was trading in the red to start the new week.

On Sunday, BTC/USD hit an intraday high of $25,135.59, however the world’s largest token slipped to a bottom of $23,960.03 today.

Sunday’s high was the most bitcoin has traded at since June 14, when prices of the token were over $26,700.

analysis, bitcoin, ethereum

BTC/USD – Daily Chart

Looking at the chart, today’s decline in price comes after a resistance level of $24,800 was hit over the weekend, with bulls unable to sustain the uptrend required to push prices higher.

In addition to this, the 14-day relative strength index (RSI) is tracking at 56.44, which comes after failing to break out of a ceiling of 61.80.

This continues to be the main obstacle in the way of BTC rising back above $25,000 for a longer period of time.

Ethereum

In addition to BTC falling below $25,000, ethereum (ETH) also slipped to start the week, as the token dropped below $2,000.

Over the weekend, prices of the world’s second-largest token by market capitalization moved above $2,000 for the first time since May.

However, on Monday, ETH/USD dropped to a low of $1,887.82, which was less than a day after trading at a high of $2,007.21.

analysis, bitcoin, ethereum

ETH/USD – Daily Chart

This bearish turn in ethereum also comes as a result of the RSI being overbought, as it climbed above 71, which was its highest point since April 4.

As of writing, the index is tracking at 62, which comes as bearish sentiment swept through markets to start the week.

Prices will now be tested, with the index now close to a floor of 61, and should momentum move below this point, then we could see further declines.

Register your email here to get weekly price analysis updates sent to your inbox:

Can ethereum climb back above $2,000 this week? Leave your thoughts in the comments below.

NEWS RELATED

Stablecoin Economy Continues to Deflate — USDC's Market Cap Shed $6.7 Billion in 83 Days

Just over two months or approximately 83 days ago, the stablecoin usd coin (USDC) had a market valuation of around $55.52 billion and since then, USDC’s market capitalization has lost 12.05%. For most of 2022, the second largest stablecoin by market capitalization, USDC has been above the $50 billion ...

View more: Stablecoin Economy Continues to Deflate — USDC's Market Cap Shed $6.7 Billion in 83 Days

Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New Low

Following the latest meeting of the monetary policy committee, the Central Bank of Nigeria says it has hiked the monetary policy rate to 15.5%. By increasing the key interest rate by 150 basis points, the central bank hopes to “narrow the negative real interest rate gap and rein in ...

View more: Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New Low

Gnosis Safe launches SafeDAO, Safe Token

The Ethereum-based digital asset management platform airdropped 50 million tokens in a bid to decentralize the community.

View more: Gnosis Safe launches SafeDAO, Safe Token

Art Blocks Fidenza Creator Sells $17M of Ethereum NFTs Amid Market Slump

Tyler Hobbs, one of the best-known generative art creators, dropped his latest NFT project to eager collectors today.

View more: Art Blocks Fidenza Creator Sells $17M of Ethereum NFTs Amid Market Slump

Mirandus: Open World MMORPG Finally in Web3

press release PRESS RELEASE. Finally, the moment has arrived. A dozen hours have gone into farming the materials needed for a brand-new mighty axe. The epic weapon crafted at the forge will take the player to unprecedented heights of power, but only for the player to discover it does ...

View more: Mirandus: Open World MMORPG Finally in Web3

Scaling Ethereum? Arbitrum Co-Founder Says Projects Should Consider 3 'Critical' Points

As competition grows to make Ethereum faster and more scalable, Offchain Labs CEO Stephen Goldfeder offers a bit of advice.

View more: Scaling Ethereum? Arbitrum Co-Founder Says Projects Should Consider 3 'Critical' Points

Web3 and How It Helps the Environment - Dave Uhryniak of TRON DAO Explains

TRON is a layer-1 blockchain utilizing a delegated proof of stake consensus mechanism. Its eco-friendly network, low fees, and easy to use developer tools have allowed it to attain a massive amount of user growth and innovative projects. Dave Uhryniak is the Director of Ecosystem Development at TRON DAO. ...

View more: Web3 and How It Helps the Environment - Dave Uhryniak of TRON DAO Explains

Bank of England Suspends Tightening Policy as Pound Nosedives — Central Bank to Start Purchasing Long-Dated UK Government Bonds

Following the extremely volatile European markets during the past few days and the euro and pound dropping rapidly against the U.S. dollar, the Bank of England has decided to intervene in bond markets. U.K. government bond yields have been erratic and the pound sterling also dropped to a lifetime ...

View more: Bank of England Suspends Tightening Policy as Pound Nosedives — Central Bank to Start Purchasing Long-Dated UK Government Bonds

Biggest Movers: QNT Hits 6-Month High, ATOM Falls to 20-Day Low

Best Bitcoin Casino Bonuses - Get $220,000+ in Free BTC

Bitcoin Network's Mining Difficulty Drops for the First Time in 2 Months

Do Kwon, Luna Foundation Gaurd Deny Link to $62M in Bitcoin Sought by Authorities

Wanchain Launches Cross-Chain USDT XFlows With Bridge Upgrade

Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower as Powell Claims There Are 'Structural Issues' With Cryptocurrency

What You Can Do With Your Old Ethereum Mining Rigs

Ethereum security likely to remain under-challenged post-Merge?

Australia Issues White Paper for Central Bank Digital Currency

InVar Finance Builds InVaria2222 as the Team Looks to Provide Hybrid Finance Services

Bitcoin and Ethereum Plummet 8%, Erasing Yesterday's Bullish Gains

Bitcoin Lightning-Based Payments App Strike Raises $80 Million in Funding Round

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network