Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks

Ethereum moved beneath $1,600 connected Jan. 25, with bears selling antecedently overbought cryptocurrencies. After days of uncertainty, sentiment shifted successful crypto markets, with a reddish question washing distant caller bulls. Bitcoin besides dropped beneath $23,000 arsenic a effect of today’s sell-off.

Bitcoin

Bitcoin (BTC) fell beneath the $23,000 level connected Wednesday, arsenic a reddish question swept done cryptocurrency markets.

Following a precocious of $23,048.18 connected Tuesday, BTC/USD deed an intraday debased of $22,406.08 earlier successful today’s session.

As a effect of today’s driblet successful price, bitcoin fell to its weakest constituent since Sunday, breaking retired of a level astatine $22,500 successful the process.

BTC/USD – Daily Chart

Looking astatine the chart, the driblet came arsenic the 14-day comparative spot scale (RSI) fell to its lowest level since past Thursday.

At the clip of writing, the scale is tracking astatine a level of 79.93, which comes little than 24 hours aft hovering astatine 85.09.

Since its earlier breakout, the world’s largest cryptocurrency has somewhat rebounded, and is presently trading astatine $22,614.62.

Ethereum

Sentiment successful ethereum (ETH) besides shifted connected Wednesday, with prices falling beneath a caller enactment constituent astatine $1,600.

ETH/USD slipped to a bottommost of $1,530.80 connected Wednesday, pursuing a highest of $1,630.47 during Tuesday’s session.

Since breaking retired of its $1,600 floor, ethereum appears to beryllium heading towards a little level of enactment astatine $1,500.

ETH/USD – Daily Chart

Like with bitcoin, today’s reddish question comes arsenic bears person yet opted to reenter the market, arsenic a effect of prices being overbought.

Ethereum’s 14-day RSI is presently sitting astatine 61.07, which is its lowest constituent since January 8, and this comes a time aft breaking retired of a level astatine 74.00.

There appears to beryllium an upcoming enactment country astatine 58.00, and if this remains firm, ETH could negociate to enactment supra $1,500.

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Could we spot cryptocurrencies proceed to autumn successful the coming days? Leave your thoughts successful the comments below.

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