Dezember 6, 2023

Crypto Red Wave: Ethereum Drops Below $1,900, Bitcoin Slips to $27,000

• Crypto markets continued to fall the weekend, with Ethereum dropping below $1,900 and Bitcoin nearing the $27,000 mark.
• Technical analysis of BTC/USD reveals that its 10-day moving average is close to crossing with its 25-day counterpart.
• ETH/USD briefly broke out of an interim support point at $1,830 before bulls reentered the market.

Cryptocurrency Markets in Red

Cryptocurrency markets continued to suffer losses over the weekend, with Ethereum trading below $1,900 for the first time in two weeks. The global market cap has dropped by close to 3% at the time of writing this. Bitcoin was also in red as it moved closer to $27,000.

Bitcoin Analysis

Bitcoin (BTC) was in the red for a fourth consecutive session as prices neared a breakout below $27,000. BTC/USD plunged to a low of $27,169.57 which is its lowest level in roughly three and a half weeks. The 10-day (red) moving average is now closer to crossing with its 25-day (blue) counterpart while relative strength index stands at 41.73 marginally higher than its long-term floor at 41.00; if price strength were to slip further then BTC could move towards $26,000.

Ethereum Analysis

Ethereum (ETH) dropped below $1,900 as it started off Saturday trading at an intraday low of $1,827.79 which is its weakest level since April 9th following Friday’s high of$1,926.30 . Bulls swiftly reentered the market seemingly buying the dip which resulted in ETH now trading around$1,848 although there could be further declines ahead before any significant reversal occurs..


Overall cryptocurrency markets have suffered losses over this past week and both Ethereum and Bitcoin have seen significant drops in their prices but there are signs that suggest a potential rebound may be on its way soon after this current downturn passes through crypto markets once again..