ETH Lower, As Markets React To Rocket Blast In Poland – Market Updates Bitcoin News
Ethereum went into the red on November 16, as markets got jittery after a missile accidentally exploded in Poland. Fears grew of a potential escalation in the war between Russia and Ukraine when the missile hit Poland, which is a NATO-backed country. Poland and NATO have both downplayed the strike, and so far have not accused Russia of the action. Bitcoin also fell, ending two days of gains.
Bitcoin
Bitcoin (BTC) was back in the red on Wednesday as markets reacted cautiously to today’s news, which saw a war missile land in Poland.
After two consecutive days of gains, BTC/USD fell lower on the hump day, hitting an intraday low of $16,617.91 in the process.
This comes less than a day after prices of the world’s largest cryptocurrency rose to a high of $17,051.96.
Looking at the chart, the fall in BTC comes as the 14-day relative strength index (RSI) failed to move above a ceiling of 39.00.
At the time of writing, the index is following 36.30, and seems to be moving towards a visible floor of 33.30.
Should bears manage to send the price to this point, BTC/USD is likely to fall below $16,000.
Ethereum
Ethereum (ETH) also reacted to today’s headlines, as the token moved closer to the $1,200 level.
ETH/USD traded as much as 4% lower, falling to a low of $1,218.84 in today’s session, a day after trading at a high of $1,283.20.
The move saw the token marginally break out of a recent support level of $1,220, which is usually the last line of defense before prices fall below $1,200.
As we have seen with bitcoin, ethereum also hit a ceiling on its 14-day RSI, failing to move past the 43.00 barrier.
Currently, the index is at a reading of 39.85, and should it fall below an upcoming floor of 38.00, ETH will extend today’s fall.
The 10-day moving average (red) still appears to have further downward momentum to come, which could also be a signal of upcoming sentiment.
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Do you expect Ethereum bulls to reject a breakout below $1,200? Leave your thoughts in the comments below.
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