Home Cryptocurrency ETH dips below $1,600 as price extends recent losses – Market Update Bitcoin News

ETH dips below $1,600 as price extends recent losses – Market Update Bitcoin News

by WOOWinvest
0 comment
ETH dips below $1,600 as price extends recent losses – Market Update Bitcoin News


Ethereum is in the red again as the coin’s price dipped below $1,600 in today’s trade. Tuesday’s drop was the fifth day in a row that cryptocurrency prices were lower. Bitcoin also extended its losses, falling below $23,000 in the process.

bitcoin

Bitcoin (BTC) traded lower for the fifth day in a row as the coin’s price fell below $23,000 in today’s session.

After peaking at $24,121.64 to start the week, the world’s largest cryptocurrency plunged more than $1,000 on Tuesday.

The latest drop led BTC/USD to bottom at $22,710.08 earlier in the day as prices approached key support levels.

Bitcoin, Ethereum technical analysis: ETH dips below $1,600 as price extends recent losses
BTC/USD – Daily Chart

BTC is rapidly approaching the $22,500 floor, which historically has been where previous bearish periods have clearly deteriorated.

As you can see from the chart, the last time the bottom line was breached was on July 25, and the bears gained more downward pressure from that point to a low of $20,737, both within 24 hours.

Today’s decline comes as the 14-day Relative Strength Index (RSI) dipped below the 53 level, currently tracking at 52.70.

Ethereum

Tuesday also saw Ethereum (ETH) extend its recent downtrend for a fifth day in a row, with the coin dropping below $1,600 in the process.

ETH/USD fell to an intraday low $1,567.85 during today’s session as bears pushed the price below the support.

This was the low of $1,620 tested on Monday, but at that time the bulls were able to sustain that level, pushing the price to a peak of $1,685.59.

Bitcoin, Ethereum technical analysis: ETH dips below $1,600 as price extends recent losses
ETH/USD – daily chart

Since then, the pressure has mounted, and just like Bitcoin, the 14-day RSI has fallen below its own support.

At the time of writing, the RSI is tracking at 55.55 after the recent break above the bottom of 58.

The target appears to be new support at 54.20. If it takes a hit, we might see ETH trade around $1,500.

Sign up for your email here to get weekly price analysis updates delivered to your inbox:

What do you think is causing the latest downtrend in cryptocurrencies? Leave your thoughts in the comments below.

Eliman Dan Bell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

More hot news

in case you missed it

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy