Bitcoin, Ethereum Technical Analysis: ETH Hits 1-Month Low, Falling Under $1,500
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 U.S. inflation report, which is also adding to today’s volatility. Bitcoin edged lower on Feb. 13, as prices remain near a three-and-a-half-week low.
Bitcoin
Bitcoin (BTC) continued to trade close to a multi-week low on Monday, as market sentiment remained bearish ahead of the upcoming U.S. inflation report.
Following a high of $22,060.99 on Sunday, BTC/USD dropped to an intraday low of $21,539.50 to start the week.
As a result of the decline, bitcoin remains close to its lowest point since January 20, which is the last time prices were under $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 at 44.00.
At the time of writing, the index is currently tracking 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 peak 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 slippage in price comes as the RSI failed to stay above a long-term floor at the 44.00 level.
As of writing, price strength is currently tracking at 42.26, which is its lowest reading since December 28.
Should this downward trend 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.
