Bitcoin, Ethereum Technical Analysis: BTC Drops Below $27,000 Ahead of US Non-Farm Payrolls

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Bitcoin continued to erase last week’s gains on Thursday, as prices dropped for a fourth straight session. The latest decline comes ahead of tomorrow’s non-farm payrolls (NFP) report from the United States. Despite today’s weakness, ethereum remained above $1,800.

Bitcoin

Bitcoin (BTC) moved below the $27,000 level in today’s session, ahead of Friday’s non-farm payrolls report.

It is expected that the number of jobs added to the U.S. economy will come in at 190,000, less than the 253,000 sum the month prior.

BTC/USD fell to a low of $26,671.72 earlier in the day, which comes following a peak at $27,346.11 the day before.

Looking at the chart, this latest decline occurred as a result of the relative strength index (RSI) falling below a floor of 46.00.

At the time of writing this, the index is now tracking at 44.58, with a support point of 43.00 as a possible target.

Should this level be hit, there is a strong possibility that BTC will hit a floor of its own around $26,300.

Ethereum

Ethereum (ETH) was marginally lower today, however, it managed to remain above the $1,800 level.

Following a high of $1,887.71 on Thursday, ETH/USD declined to an intraday bottom at $1,846.23 earlier in the day.

The move saw ethereum edge towards a key price floor at $1,830, however, bulls have so far resisted this collision.

Similar to BTC, ETH has now fallen for a fourth straight day, with the catalyst being a failed break out of a ceiling at $1,930.

In addition to this, the RSI is now at a reading of 51.54, after failing to move past its own resistance at 59.00.

Overall, ETH has now rebounded from its previous low, and is now trading at $1,862.93.

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What peak do you expect ethereum to reach in June? Leave your thoughts in the comments below.