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On Monday, bitcoin fell to its lowest level since June as sentiment in cryptocurrency markets remains bearish. The token has fallen in consecutive sessions following last week’s US inflation report, and the drop comes ahead of the upcoming meeting of the US Federal Open Market Committee. Ethereum was also down, hitting its own multi-month low.

Bitcoin

bitcoin (BTC) fell to a four-month low to start the week as bearish sentiment remains elevated in crypto markets.

BTC/USD slipped to an intraday low of $18,390.32 earlier in the day, which follows a break of a low at $18,645.

The decline saw bitcoin hit its lowest point since June 18, which was the last time this support level was also broken.

Bitcoin, Ethereum technical analysis: BTC and ETH hit multi-month lows to start the week
BTC/USD – Daily Chart

Many believe the drop comes ahead of this week’s Federal Open Market Committee meeting in the United States, where interest rates are expected to be raised.

Looking at the chart, Monday’s selloff comes as the 14-day Relative Strength Index (RSI) fell below its own low at 41.30.

At the time of writing, the token is trading below 38.00 and is currently in oversold territory, which could be a boon for those anticipating a possible reversal.

Ethereum

Last week was a historic week for Ethereum (ETH), as the highly anticipated merger took place, seeing the token turn “green”.

However, since then, prices have fallen significantly, with today’s drop taking the token to a low of $1,287.42.

This comes less than a week after the world’s second largest cryptocurrency traded above $1,700.

Bitcoin, Ethereum technical analysis: BTC and ETH hit multi-month lows to start the week
ETH/USD – Daily Chart

As seen in the graph, the drop saw ETH/USD drops to its lowest point since July 16, when prices rose after a period below the $1,000 level.

The momentum of the moving averages (MA) has also shifted, with the 10-day trendline (red) crossing with its 25-day counterpart (blue) in a downward direction.

Some believe we could still see more slippage, with bears attempting to take Ethereum below $1,000.

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Will Ethereum fall below $1000 in the next few days? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.




Image credits: Shutterstock, Pixabay, Wiki Commons

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