Ethereum fell below its recent bottom of $1,500 earlier in today’s session as bearish pressure increased in the crypto market. Market uncertainty is heightened today as traders prepare for yet another rate hike from the Fed. Bitcoin also fell for the second day in a row, with prices on the verge of falling below the $21,000 level.
Bitcoin
Bitcoin (BTC) extended its stay in the red in today’s session as the token was in danger of falling below $21,000.
Following a week high of $22,213.48,BTC/USD fell to an intraday low of $21,012.48 in today’s session.
With this move, the world’s largest cryptocurrency fell to its lowest level since last Monday, July 18, when prices were trading at a key price bottom.
This support point at the $20,600 level is usually the last line of defense from the bulls, and bearish sentiment has kept bitcoin at $20, 000 below $20,000 has been prevented.
Looking at the chart, it looks like we could be looking atBTChitting this floor again and the downward pressure appears to be gaining momentum.
The Relative Strength Index (RSI) is also hovering below 50, which usually indicates that the bears are now dictating price action.
Ethereum
Ethereum (ETH) has fallen below $1,400 in today’s session and the bears appear to have determined momentum.
ETH/USD was trading at a peak of $1,535.07 on Monday, but at the time of writing is trading at a low of $1,389.29.
The decline intensified as the session progressed ahead of tomorrow’s Federal Open Market Committee (FOMC) policy meeting.
As a result of this bearish sentiment, relative strength is at its lowest level in over 10 days, hitting 51
Last week, shortly after the 14-day RSI entered overbought territory, prices were down across the board and the bears used it as a sign to re-enter the market.
The current indicator is also a support point, and if this level holds firm, we may see a rebound in prices after tomorrow’s rate decision.
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