ETH Drops Below $1,400 Support, BTC Hits $21,000 Ahead Of Federal Reserve Meeting – Market Updates Bitcoin News
Ethereum fell below the recent floor of $1,500 earlier in today’s session, as bearish pressure increased in the crypto markets. Uncertainty in the market has increased today, as traders prepare for another rate hike by the Fed. Bitcoin was also lower for the second straight day as prices were on the verge of falling below the $21,000 level.
Bitcoin
Bitcoin (BTC) extended its stint in the red during today’s session, as the token was on the verge of falling below $21,000.
After a high of $22,213.48 to start the week, BTC/USD fell to an intraday low of $21,012.48 in today’s session.
The move saw the world’s largest cryptocurrency fall to its lowest level since last Monday, July 18, when prices traded at a significant price floor.
This support point is the $20,600 level, which has typically been the last line of defense from bulls, preventing bearish sentiment from taking bitcoin below $20,000.
Looking at the chart, it looks like we could be set to see BTC again collide with this floor as the downside pressure seems to be gathering pace.
The Relative Strength Index (RSI) is also following below 50, which usually indicates that bears are currently dictating price action.
Ethereum
The bears apparently dictated momentum in ethereum (ETH), as the token fell below $1,400 in today’s session.
ETH/USD, which traded at a high of $1,535.07 on Monday, is now trading at a low of $1,389.29 at the time of writing.
The decline has intensified as the session has progressed, and comes ahead of tomorrow’s policy meeting of the Federal Open Market Committee.
As a result of this bearish sentiment, the relative strength is now tracking at its lowest level in over ten days, with a reading of 51.
Overall, price declines have come shortly after the 14-day RSI moved into overbought territory last week, which is used as a sign to re-enter the market.
The current reading of the index is also a support point, and should this level hold firm, we may see an increase in the price after tomorrow’s interest rate decision.
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