ETH Falls Below $1,100 Ahead Of FOMC Minutes Report – Market Updates Bitcoin News
Ethereum fell below $1,100 on November 22, ahead of tomorrow’s highly anticipated minutes release from the US Federal Open Market Committee (FOMC). Many are looking to this report for hints from the US Federal Reserve as to when it might deviate from current policy. Bitcoin was also lower, hitting a key support point in the process.
Bitcoin
Bitcoin (BTC) continued to trade lower on Tuesday, as crypto markets were jittery ahead of Wednesday’s FOMC minutes release.
BTC/USD fell to a low of $15,599.05 in today’s session, which comes less than 24 hours after hitting a high of $16,246.61.
The move pushed the world’s largest cryptocurrency to its lowest point in two years, and came as prices fell below a key support point.
Looking at the chart, BTC moved marginally below a floor of $15,600 on Tuesday, before rising higher as the session matured.
At the time of writing, bitcoin is trading at $15,784.68, with a 14-day relative strength index (RSI) of 31.61.
This is just above a support at 30.50, which means that there could still be further declines in BTC in the coming days.
Ethereum
Ethereum (ETH) fell for a third session in a row on Tuesday, with the token moving below $1,100 in the process.
After a high of $1,140.70, ETH/USD fell earlier today, moving to an intraday low of $1,081.14.
As a result of today’s price drop, ETH sank towards a floor of $1,080, reaching its lowest point since November 4th.
Since this point of support, prices have recovered somewhat and at the time of writing, the token is trading at $1,095.29.
Unlike BTC, ETH appears to have found a floor on the RSI indicator, with the index hovering near a support at 33.00.
Should this floor hold, bulls will likely prepare to return to the market, leading to a shift in current sentiment.
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Do you expect Ethereum to make further lower lows this week? Leave your thoughts in the comments below.
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