Bitcoin, Ethereum Technical Analysis: BTC Consolidates, ETH Avoids Falling Below $1,600 on Labor Day

Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Whilst ETH Avoids Falling Below $1,600 on Labor Day

Sentiment in bitcoin remained bearish to start the week, as the cryptocurrency remained below $26,000 on Monday. Market volume was relatively low in today’s session, as a result of the U.S. Labor Day celebration. Ethereum was slightly higher, as the price managed to remain above $1,600.

Bitcoin

Bitcoin was trading below $26,000 on Labor Day, as volume in the cryptocurrency market was mostly lower.

BTC/USD slipped to an intraday low of $25,817.03 to start the week, following a high of $26,087.15 the day prior.

The decline pushed bitcoin closer to a collision with support at $25,600, however bulls have so far rejected this retracement.

Bitcoin chart by TradingView

This comes as the 14-day relative strength index (RSI) found a floor of its own at the 35.00 mark, helping to ease the bearish pressure.

At the time of writing, the index is now tracking at 37.16, with the next visible resistance point at 43.00.

In the event that this ceiling is broken, BTC bulls will likely make advancements towards $28,000.

Ethereum

Ethereum (ETH) narrowly avoided a move below $1,600 over the last 24 hours, despite market sentiment seemingly remaining bearish.

Following a drop to a bottom of $1,603.03 on Sunday, ETH/USD climbed to a peak of $1,650.71 to start the week.

Price of the world’s second largest cryptocurrency has since slipped, and as of writing is now trading at $1,633.67.

Ethereum chart by TradingView

After almost dropping below $1,600, downward momentum eased as ethereum’s RSI found a stable support point of 36.00.

As of writing, price strength is now tracking at a reading of 36.79, with the 10-day (red) and 25-day (blue) moving averages on the cusp of an upward cross.

Should this occur, and RSI remain above 36.00, there is a good chance that ETH moves above $1,700 in the coming days.

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