Recent drops in the world’s two biggest cryptocurrencies slowed down at the start of the week, as both seemed to have hit their own ground. There were no big changes in the price of Bitcoin or Ethereum on Monday.
On Sunday, the price of bitcoin fell below $38,000 for the first time in a week. The price of bitcoin rebounded to start the week.
It was the lowest point for BTC/USD since February 28, when it fell to $37,577. However, prices have since moved away from this point.
The rate of BTC/USD is up 0.59 percent, to $39,114.31. It hit a high of $39,277.14 earlier in the day.
People who were bullish bought yesterday’s drop when the price looked like it was going to be stable. This caused the price to rise.
From the chart, we can see that a lot of people bought things on February 4 and 28.
This led to big price changes that helped form a bullish engulfing pattern, which wiped out between two and three days worth of drops.
Many people now want to know if history will repeat itself.
The price of ETH didn’t move much at all at the start of the week, as the price of the world’s second-largest cryptocurrency was mostly stable.
After three days of declines, ethereum seemed to hit a floor at the $2,550 level on March 4. Since then, it has mostly stayed above this point.
As of this writing, ETH/USD is trading at $2,649.07, up from $2,507.11 earlier in the day.
This is also shown by the 14-day RSI, which shows that price strength is a little bit higher. It shows that the price strength is now at 43.8, after briefly falling below its floor of 41.30 this weekend.
Some bulls are still around, but there are also some bears. Some are still looking for the $2,400 level as a target for those who think more drops are coming.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.