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