Bitcoin and ETH consolidated on Monday, following recent declines in the world’s two largest cryptocurrencies.
This rise in price comes as a result of bulls who bought yesterday’s drop, once the price found what looks to be a sustainable floor.
From the chart, history shows us that on February 4 and 28, a significant number of buyers entered the market. This resulted in large price swings that helped form a bullish engulfing pattern, which wiped away between 2-3 days worth of drops.continued its consolidation around the $2,600 range to start the week, as price movement in the world’s second largest crypto was largely muted.
Following three consecutive days of declines, ethereum appeared to find its floor at the $2,550 level on March 4, and since then, has mainly hovered above this point.
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