Bitcoin and Ethereum plunge into the red, concern mounts in the crypto market!

Bitcoin fell to its lowest level since June on Monday as sentiment in the crypto-currency markets remains bearish. The token fell in consecutive sessions after last week’s U.S. inflation report, and the drop comes ahead of the upcoming U.S. Federal Open Market Committee meeting. Ethereum was also down, hitting a multi-month low itself.

Bitcoin

Bitcoin fell to a four-month low to start the week, as bearish sentiment remains high in the crypto markets.

BTC slipped to an intraday low of $18,390.32 earlier today, which comes after a break of a low at $18,645.

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

Technical analysis of bitcoin and ethereum: BTC and ETH hit multi-month lows earlier this week.
BTC – Daily Chart

Many believe that this drop comes ahead of this week’s US Federal Open Market Committee meeting, where an interest rate hike is expected.

Looking at the chart, Monday’s sell-off comes as the 14-day Relative Strength Index (RSI) has fallen below a clean low at 41.30.

The token is trading below 38.00 and is currently in oversold territory, which could be positive for those anticipating a potential reversal.

Ethereum

Last week was a historic week for ethereum, as the highly anticipated merger took place, seeing the token become “green“.

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Since then, however, prices have fallen considerably, with today’s drop bringing the token to a low of $1,287.42.

The drop comes less than a week after the world’s second-largest crypto-currency traded above $1,700.

Technical analysis of bitcoin and ethereum: BTC and ETH touch multi-month lows to start the week.
ETH – Daily Chart

As can be seen on the chart, the decline saw ETH drop to their lowest point since July 16, when prices were rising after a move below the $1,000 level.

The momentum of the moving averages (MA) also changed, with the 10-day trend line (red) crossing against its 25-day counterpart (blue) in a downward direction.

Some believe we may yet see further slippage as bears attempt to push ethereum below $1,000.

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