Ethereum fell to a nine-day low during Tuesday’s session as the US dollar rose to its highest level in two weeks. The decline comes ahead of this week’s U.S. inflation report, which is expected to show a 0.2% month-over-month drop in consumer prices. Bitcoin was also in the red during today’s session, moving below $19,000.
Bitcoin
Bitcoin (BTC) was in the red in today’s session, moving below $19,000 for the first time in over a week as the dollar strengthened.
The U.S. dollar rose to its highest level in nearly two weeks against several G7 counterparts ahead of Thursday’s inflation report.
As a result,BTC/USD fell to an intraday low of $18,984.66, its weakest since October 3.
The chart shows that today’s price drop took the token just below the key support point of $19,300
In addition to price, the 14-day Relative Strength Index (RSI) is also below the lower limit of 45.80 and is at 44.67 at the time of writing.
Bitcoin bullishness has since re-entered and pushed the token back above $19,000, but price is still below the aforementioned support point.
Ethereum
Unlike Bitcoin, Ethereum (ETH) has largely stayed lower in today’s session with the token unable to recover from its earlier decline.
ETH/USD fell to an intraday low of $1,272.98 on Tuesday, confirming that the world’s second-largest cryptocurrency had hit its lowest level in over a week.
After fears of breaking through the $1,300 low on Monday, bearish pressure increased today ahead of an inflation report from the US.
As of this writing, Ethereum continues to trade below $1,300 but prices are moving away from previous lows.
Today’s move brings the 10-day (red) moving average closer to an upward intersection with the 25-day moving average.
Bulls will take this as a sign of future market re-entry, bringing price back above $1300 and closer to $1400.
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