4u Created
Image default
Crypto

ETH Drops Below $1,500 as Prices Extend Recent Declines – Market Updates Bitcoin News


Ethereum was once again trading in the red, as prices of the token fell below $1,600 during today’s session. Tuesday’s drop is the fifth consecutive day that prices of the cryptocurrency have moved lower. Bitcoin also extended its streak of declines, falling under $23,000 in the process.

Bitcoin

Bitcoin (BTC) was lower for a fifth straight day, as prices of the token slipped below $23,000 in today’s session.

Following a peak of $24,121.64 to start the week, the world’s largest cryptocurrency plunged by over $1,000 on Tuesday.

This latest decline saw BTC/USD hit a bottom of $22,710.08 earlier in the day, as prices neared a key support level.

Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,500 as Prices Extend Recent Declines
BTC/USD – Daily Chart

BTC is fast approaching a floor of $22,500, which historically has been a place where previous bearish spells significantly worsened.

As seen from the chart, the last time this floor was broken on July 25, bears intensified downward pressure, moving prices from that point to a low of $20,737, all in a 24-hour period.

Today’s drop comes as the 14-day relative strength index (RSI) fell below its own floor at the 53 level, and is currently tracking at 52.70.

Ethereum

Tuesday also saw ethereum (ETH) extend its recent downtrend for a fifth straight day, with the token falling below $1,600 in the process.

ETH/USD moved to an intraday low of $1,567.85 during today’s trading session, as bears pushed prices below a support point.

This was at the $1,620 floor which was tested on Monday, however on that occasion bulls were able to uphold the level, and in turn pushed price to a peak of $1,685.59.

Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,500 as Prices Extend Recent Declines
ETH/USD – Daily Chart

Since then, pressure has intensified, and like bitcoin, the 14-day RSI has moved below a support point of its own.

As of writing, the relative strength index is tracking at 55.55, following a recent breakout of a floor of 58.

The target seems to be a new support at 54.20. Should this be hit, we may see ETH trade around $1,500.

Register your email here to get weekly price analysis updates sent to your inbox:

What do you think is causing this latest downtrend in crypto? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Related posts

Skybridge Estimates Bitcoin’s Fair Market Value at $40K and Ethereum’s at $2,800 – Markets and Prices Bitcoin News

US Treasury Clarifies How to Comply With Regulations on Sanctioned Crypto Mixing Service Tornado Cash – Regulation Bitcoin News

Value Locked in Defi Loses $5.7 Billion in 5 Days, Smart Contract Tokens Shed 7.8% in 24 Hours – Defi Bitcoin News