Bitcoin, Ethereum Technical Analysis: BTC Moves to Fresh Multi-Week Low Following Silvergate Liquidation Announcement

Bitcoin continued to commercialized little connected March 9, arsenic prices fell to a caller multi-week debased successful today’s session. The diminution came arsenic crypto slope Silvergate confirmed that it volition beryllium winding down operations. Ethereum besides edged lower.

Bitcoin

Bitcoin (BTC) fell for a 4th consecutive league connected Thursday, arsenic markets reacted to quality that Silvergate Bank volition beryllium liquidating its operations.

Following a precocious of $22,198.90 connected Wednesday, BTC/USD slipped to an intraday debased of $21,609.99 earlier today.

The diminution successful terms pushed bitcoin to its lowest constituent since February 13, erstwhile it traded astatine a bottommost of $21,366.

BTC/USD – Daily Chart

Looking astatine the chart, this latest sell-off coincided with the 14-day comparative spot scale (RSI) falling to its lowest constituent since November 28.

As of writing, the scale is tracking astatine 36.86, which is marginally beneath its enactment constituent astatine 37.00.

Despite this, BTC remains supra its ain level astatine $21,600, and should this portion clasp steady, determination is simply a accidental prices could rebound heading into the weekend.

Ethereum

Ethereum (ETH) besides remained successful the reddish successful today’s session, registering a 3rd consecutive driblet successful price.

ETH/USD moved to a debased of $1,530.43 earlier successful the day, which comes little than 24 hours aft hitting a precocious of $1,563.41.

Similar to bitcoin, this driblet resulted successful the world’s 2nd largest cryptocurrency slipping to its weakest level since mid-February.

ETH/USD – Daily Chart

Overall, ethereum is down astir 7% successful the past 7 days, and this comes arsenic the 10-day (red) moving mean extended a crossover of its 25-day (blue) counterpart.

As of writing, the RSI is besides tracking astatine a multi-month debased astatine 40.57, which was past deed connected December 19.

Should this inclination continue, determination is simply a beardown anticipation that ETH could autumn to a level astatine $1,500.

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Is determination a anticipation that ethereum could rebound this week? Leave your thoughts successful the comments below.

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