Bitcoin, Ethereum RSIs Plummet

Bitcoin and Ethereum sought to gain momentum as the global market cap rose and other tokens moved into the green for the first time in a few weeks. However, both apex cryptocurrencies saw a massive drop in their relative strength indices, falling to 2-year lows. Analysts have started poking holes in both currencies, looking at how far they have to go before recovering fully. For example, Bitcoin would need to rally over $8000 to get back to its 21-week EMA at $49,900. With Bitcoin around 20% under the bull market support band, it’s in a short-term bearish market phase. With Ethereum, analysts are concerned with a low RSI that indicates the token could move as low as $2800 or $2900. Even so, Bitcoin ticked up slightly in the past 24 hours while Ethereum gained a little over a percent. At press time, Ethereum was down just over $3000.