Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,500 as Prices Extend Recent Declines

Ethereum was erstwhile again trading successful the red, arsenic prices of the token fell beneath $1,600 during today’s session. Tuesday’s driblet is the 5th consecutive time that prices of the cryptocurrency person moved lower. Bitcoin besides extended its streak of declines, falling nether $23,000 successful the process.

Bitcoin

Bitcoin (BTC) was little for a 5th consecutive day, arsenic prices of the token slipped beneath $23,000 successful today’s session.

Following a highest of $24,121.64 to commencement the week, the world’s largest cryptocurrency plunged by implicit $1,000 connected Tuesday.

This latest diminution saw BTC/USD deed a bottommost of $22,710.08 earlier successful the day, arsenic prices neared a cardinal enactment level.

BTC is accelerated approaching a level of $22,500, which historically has been a spot wherever erstwhile bearish spells importantly worsened.

As seen from the chart, the past clip this level was breached connected July 25, bears intensified downward pressure, moving prices from that constituent to a debased of $20,737, each successful a 24-hour period.

Today’s driblet comes arsenic the 14-day comparative spot scale (RSI) fell beneath its ain level astatine the 53 level, and is presently tracking astatine 52.70.

Ethereum

Tuesday besides saw ethereum (ETH) widen its caller downtrend for a 5th consecutive day, with the token falling beneath $1,600 successful the process.

ETH/USD moved to an intraday debased of $1,567.85 during today’s trading session, arsenic bears pushed prices beneath a enactment point.

This was astatine the $1,620 level which was tested connected Monday, nevertheless connected that juncture bulls were capable to uphold the level, and successful crook pushed terms to a highest of $1,685.59.

Since then, unit has intensified, and similar bitcoin, the 14-day RSI has moved beneath a enactment constituent of its own.

As of writing, the comparative spot scale is tracking astatine 55.55, pursuing a caller breakout of a level of 58.

The people seems to beryllium a caller enactment astatine 54.20. Should this beryllium hit, we whitethorn spot ETH commercialized astir $1,500.

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What bash you deliberation is causing this latest downtrend successful crypto? Leave your thoughts successful the comments below.