Ethereum fell below $1,900 earlier today as crypto markets continued to react to disappointing economic data from China.July figures showed that both Chinese retail sales and industrial production fell below expectations growth, raising fears of an upcoming global recession. Bitcoin also fell on Tuesday.
Bitcoin
Bitcoin (BTC) traded in the red again, and the crypto market continued lower following disappointing economic data from China on Monday.
Figures from the world’s second largest economy show that retail sales grew 2.7% last month, which is less than the expected 5%.
This, along with declining industrial production data, pushedBTClower yesterday and the sell-off extends into today’s session.
At the time of writing,BTC/USD has fallen for the fourth consecutive session, falling to an intraday low of $23,839.77.
The chart shows the 14-day Relative Strength Index (RSI), tracking at 57.25, slightly higher than Monday’s low, which could be a positive for bulls looking for a reversal.
BTChas since rallied from its earlier lows and is now trading at $24,030.08.
Ethereum
Like Bitcoin, Ethereum (ETH) also experienced volatility in today’s session, with the token trading just below $1900.
On Tuesday,ETH
/USD fell to a low of $1862.74 within 24 hours after the token was at a high of $1926.60.
Today’s bottom is the lowest level at which Ethereum has traded since hitting a ceiling of $1,885 on August 11.
After all, the key resistance point of $2,010 held firm over the weekend and the bears used it as a signal to re-enter the market, so this decline occurred.
Despite this,the ETHis up nearly 11% from the same point last week, and the 10-day (red) moving average continues to trend higher.
Uncertainty in the global economy is affecting investor sentiment, but there is still a good chance that Ethereum could move above $2,000 in the next few days.
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