December 1, 2022

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Bitcoin, Ethereum Technical Analysis: ETH Falls to 9-Day Low Below $1,300

Ethereum fell to a nine-day low during Tuesday’s session, as the U.S. dollar rose to a two-week high. The decline comes ahead of this week’s U.S. inflation report, which is expected to show consumer prices falling by 0.2% month-on-month. Bitcoin was also in the red during today’s session, moving below $19,000.

Bitcoin

Bitcoin (BTC) fell below $19,000 for the first time in over a week in today’s session, as the U.S. dollar rose in strength.

USD climbed to its highest point in nearly two weeks versus several of its G7 counterparts, ahead of Thursday’s inflation report.

As a result, BTC/USD slipped to an intraday low of $18,984.66 earlier in the day, which is its weakest point since October 3.

Bitcoin, Ethereum Technical Analysis: ETH Falls to 9-Day Low Below $1,300
BTC/USD – Daily Chart

Looking at the chart, today’s drop in price sees the token fall marginally below its key support point of $19,300.

In addition to the price, the 14-day relative strength index (RSI) also dropped below a floor of 45.80, and as of writing, is tracking at 44.67.

Bitcoin bulls have since reentered, and pushed the token back above $19,000, however prices are still below the aforementioned support point.

Ethereum

Unlike bitcoin, ethereum (ETH) has remained mostly lower in today’s session, with the token unable to rebound from earlier declines.

ETH/USD slipped to an intraday low of $1,272.98 on Tuesday, which sees the world’s second largest cryptocurrency hit its lowest point in over a week.

After threatening to break out of its floor of $1,300 on Monday, bearish pressure intensified today, ahead of the inflation report from the United States.

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Bitcoin, Ethereum Technical Analysis: ETH Falls to 9-Day Low Below $1,300
ETH/USD – Daily Chart

As of writing, ethereum continues to trade below $1,300, however prices have moved away from the earlier low.

Today’s move has pushed the 10-day (red) moving average closer to an upwards crossover with its 25-day counterpart.

Bulls will likely be using this as a sign to reenter the market in coming days, thus sending prices back above $1,300, and closer to $1,400.

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Will ethereum rally following the inflation report? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




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