ETH Drops Below $1,500 as Prices Continue Recent Fall – Market Update Bitcoin News


Ethereum is once again trading in the red, as the price of the coin dropped below $1,600 during today’s session. Tuesday’s drop is the fifth consecutive day that cryptocurrency prices have fallen. Bitcoin also extended its streak of declines, dropping below $23,000 in the process.

Bitcoin

Bitcoin (BTC) for the fifth consecutive day, as the price of the coin fell below $23,000 in today’s session.

After a peak of $24,121.64 to start the week, the world’s largest cryptocurrency fell by more than $1,000 on Tuesday.

Witnessed this last drop BTCUSD/USD bottomed at $22,710.08 earlier in the day, as prices approached a key support level.

Bitcoin and Ethereum Technical Analysis: ETH Drops Below $1,500 as Prices Continue Recent Fall
BTC/ USD – daily chart

BTC It is fast approaching the $22,500 level, which has historically been a place where previous bearish periods worsened significantly.

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

Today’s decline comes as the 14-day RSI fell below its low at 53 and is currently tracking at 52.70.

Ethereum

Tuesday also saw Ethereum (ETH) extended its recent downtrend for the fifth day in a row, with the coin dropping below $1600 in the process.

ETHUSD/USD moved as low as $1,567.85 during today’s trading session, as bears pushed prices below the support point.

This was at the $1,620 level tested on Monday, but on that occasion the bulls managed to hold the level, thus pushing the price to a high of $1,685.59.

Bitcoin and Ethereum Technical Analysis: ETH Drops Below $1,500 as Prices Continue Recent Fall
ETH/ USD – daily chart

Since then, the pressure has increased, and like Bitcoin, the 14-day RSI has moved below its own support point.

As of this writing, the RSI is tracking at 55.55, after the recent breakout of the ground at 58.

It seems that the target is a new support at 54.20. If this gets hit, we might see ETH Trade around $1,500.

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What do you think about the reason for this recent downtrend in cryptocurrency? Put your thoughts in the comments below.

Eliman Dambel

Eliman offers an eclectic view of market analysis, having worked as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




photo credits: Shutterstock, Pixabay, Wikicommons

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