Ethereum plunged below the $1,600 level to start the week, as global markets reacted to the escalating tensions in the Middle East. Crude oil prices rallied from a six-week low, climbing by over 4% overnight. Bitcoin gave up recent gains, as traders fled to more traditional safe-haven assets.

Bitcoin

Bitcoin (BTC) slipped for a second straight session on Monday, with traders retreating from high-risk assets, as tensions in the Middle East escalated.

Following a peak of $27,999.55 on Sunday, BTC/USD dropped to an intraday low of $27,445.89 earlier in the day.

Overall, bitcoin has been edging lower since Friday, after bulls failed to orchestrate a break out above a ceiling at $28,300.

Looking at the chart, it now appears that momentum has shifted bearish, with bitcoin heading for a support point at $27,000.

The 14-day relative strength index (RSI) has also been on the decline, moving away from its resistance of 60.00, and is now tracking at 54.35

A target of 45.00 on the RSI will likely need to be hit, if bears are to push BTC below the $27,000 level in the coming days.

Ethereum

Ethereum (ETH) suffered heavy losses to start the week, with the price falling under the $1,600 zone.

ETH/USD moved to a bottom at $1,590.34 earlier in today’s session, which came a day after peaking at $1,638.90.

Overall, it appears that sellers are looking to push the world’s second-largest cryptocurrency to a floor at $1,560, before possibly taking profits.

Ethereum is now trading at a two-week low, with the RSI also hovering around its weakest point since late-September.

Price strength is now tracking at 41.65, after recently slipping below a point of support at the 43.00 level.

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Could crypto prices continue to decline this week? Leave your thoughts in the comments below.