ETH Hits 1-Month Low, Falls Below $1,500 – Market Updates Bitcoin News
Ethereum started the week trading below $1,500 as it was reported that Paxos will no longer mint BUSD. This has led to a depegging of the stablecoin, and comes ahead of the upcoming US inflation report, which also increases today’s volatility. Bitcoin fell on February 13, as prices remain near a three-and-a-half-week low.
Bitcoin
Bitcoin (BTC) continued to trade near a multi-week low on Monday as market sentiment remained bearish ahead of the upcoming US inflation report.
After a high of $22,060.99 on Sunday, BTC/USD fell to an intraday low of $21,539.50 to start the week.
As a result of the decline, bitcoin remains near its lowest point since January 20, which is the last time prices were below $21,000.
Looking at the chart, today’s move comes as the 14-day relative strength index (RSI) maintains its proximity to a support point of 44.00.
At the time of writing, the index is following at 45.80, with a resistance level of 50.00 an ideal target for remaining bulls.
Should this target be captured, bulls could extend this rally and move to regain market momentum.
Ethereum
Etheruem (ETH) fell to a one-month low to start the week, with prices moving below the $1,500 mark.
Less than 24 hours after trading at a high of $1,545.55, ETH/USD bottomed out at a low of $1,477.73 earlier today.
Monday’s plunge has seen the world’s second largest cryptocurrency hit its weakest point since January 14.
This latest price drop comes as the RSI failed to hold above a long-term floor at the 44.00 level.
At the time of writing, the price strength follows 42.26, which is the lowest reading since 28 December.
Should this downtrend continue, it is highly likely that Ethereum could collide with a support at $1,450.
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Do you expect tomorrow’s inflation figure to come in below the expected 6.2%? Leave your thoughts in the comments below.
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