ETH Falls Below $1,300 After Monday’s False Outbreak – Market Updates Bitcoin News
Ethereum was in the red on Tuesday, as bears re-entered the market after a failed breakout of a key resistance level. Prices failed to sustain yesterday’s move above $1,300, with momentum falling in today’s session. Bitcoin was also lower, but is trading above $17,000 at the time of writing.
Bitcoin
Bitcoin (BTC) consolidated in today’s session as prices retreated from Monday’s three-week high.
After a high of $17,371.00 to start the week, BTC/USD fell to an intraday low of $16,922.43 earlier in the day.
This decline comes as traders have apparently moved to lock in gains, following yesterday’s price rally.
Looking at the chart, the fall took place when the 14-day relative strength index (RSI) also failed to climb past a ceiling of its own.
At the time of writing, the index is following the 48.14 level, which is marginally below a ceiling of 50.00.
Should a breakout occur, BTC is likely to move back towards the $17,400 point in the coming days.
Ethereum
Ethereum (ETH) was also in the red during Tuesday’s session, as a result of a failed breakout to start the week.
ETH/USD fell to a low of $1,252.47 earlier in the day, which comes as bulls failed to sustain a rise above the $1,300 mark.
At the time of writing, ETH is trading at $1,264.00, which is almost 3% lower than Monday’s high of $1,302.24.
As with bitcoin, today’s decline in ethereum comes as the RSI moved below the ceiling of the 52.00 level.
Currently, the index is sitting at a reading of 50.18, with the world’s second largest cryptocurrency trading at $1,263.60.
The 10-day (red) moving average continues to hover above its 25-day (blue) counterpart, which is typically a sign of pending bullish sentiment.
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Will we see ethereum rebound in the coming days? Leave your thoughts in the comments below.
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