Ethereum was again trading in the red as the token’s price fell below $1600 during today’s session. Tuesday’s decline marks the fifth consecutive day that the cryptocurrency’s price has moved lower. Bitcoin also extended its continuous decline, falling below $23,000 in the process.
Bitcoin
Bitcoin (BTC) fell for the fifth straight day as the token’s price fell below $23,000 during today’s session.
Following a peak of $24,121.64 earlier in the week, the world’s largest cryptocurrency plunged more than $1,000 on Tuesday.
This latest decline sawBTC/USD bottom at $22,710.08 earlier in the day as prices approached key support levels.
BTCis rapidly approaching the $22,500 floor, where historically previous bearish spells have been much worse.
As the chart shows, the last time this floor was breached on July 25, the bears increased downward pressure and prices moved to a low of $20,737 from that point, all within 24 hours.
Today’s decline is attributed to the 14-day Relative Strength Index (RSI), which has fallen below its own lower limit at the 53 level and is currently at 52.70.
Ethereum
Tuesday also saw Ethereum (ETH) extend its recent downward trend for a fifth consecutive day, with the token falling below $1,600 in the process.
ETH/USD moved to an intraday low of $1567.85 during today’s trading session, as bears pushed prices below support points.
This was a floor of $1,620 that was tested on Monday, when the bulls were able to hold this level, which pushed the price to a peak of $1,685.59.
The pressure then intensified and like Bitcoin, the 14-day RSI fell below its own support point.
At the time of writing, the Relative Strength Index is tracking at 55.55 after a recent breakout of the 58 floor.
The target appears to be new support at 54.20. If this is hit, we may seeETHtrade around $1500.
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