ETH Falls to 9-Day Low Below $1,300 – Market Updates Bitcoin News
Ethereum fell to a nine-day low during Tuesday’s session, as the US dollar rose to a two-week high. The decline comes ahead of this week’s US inflation report, which is expected to show consumer prices falling 0.2% month-on-month. Bitcoin was also in the red during today’s session, moving below $19,000.
Bitcoin
Bitcoin (BTC) fell below $19,000 for the first time in over a week in today’s session as the US dollar gained strength.
The USD climbed to its highest point in almost two weeks against several of its G7 counterparts, ahead of Thursday’s inflation report.
As a result, BTC/USD fell to an intraday low of $18,984.66 earlier in the day, which is the weakest point since October 3rd.
Looking at the chart, today’s price drop sees the token fall marginally below the key support point of $19,300.
In addition to the price, the 14-day relative strength index (RSI) also fell below a floor of 45.80, and currently stands at 44.67.
Bitcoin bulls have since re-entered, pushing the token back above $19,000, but prices remain below the aforementioned support point.
Ethereum
Unlike bitcoin, ethereum (ETH) has largely remained lower in today’s session, with the token unable to reverse from earlier falls.
ETH/USD fell to an intraday low of $1,272.98 on Tuesday, sending the world’s second largest cryptocurrency to its lowest point in over a week.
After threatening to break out of the $1,300 floor on Monday, bearish pressure intensified today, ahead of the US inflation report.
At the time of writing, ethereum continues to trade below $1,300, but prices have moved away from previous lows.
Today’s move has pushed the 10-day (red) moving average closer to an upward crossover with its 25-day counterpart.
Bulls will likely use this as a sign to re-enter the market in the coming days, sending prices back above $1,300 and closer to $1,400.
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Will Ethereum rise after the inflation report? Leave your thoughts in the comments below.
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