Ethereum fell Thursday as the cryptocurrency market continued to react to the latest US retail sales figures. U.S. sales fell more than expected, falling 1.1% in December. Bitcoin also fell in today’s session, with prices falling below the $21,000 mark.
Bitcoin
Bitcoin (BTC) fell below the $21,000 mark on Thursday as the crypto market declined on slowing US retail sales.
This decline sawBTC/USD hit an intraday low of $20,541.54 earlier in today’s session from a four-month high of $21,564.50.
Since the sell-off,BTCnow appears to be looking for a support point, with the $20,500 mark a prime candidate.
Looking at the chart, a decline was somewhat expected as the 14-day relative strength index (RSI) has been hovering near 2-year highs for the past few days.
It is currently at the 78.40 level, just above the 77.00 floor.
If a move below this point is made, it is likely thatBTC Bears could push the price into the $20,000 zone.
Ethereum
After rising above $1,600 on Wednesday, Ethereum (ETH) was still in the red in today’s session, falling towards five-day lows.
Following a hump day high of $1,602.11ETH51} ETH/USD fell to a bottom of $1,509.42 earlier today.
As a result of this move,.ETHfell to its lowest level since Saturday, when the price hit a bottom of $1,449.
From the chart, the price strength ofETHhas also reached support levels and the RSI is currently hovering near the 70.00 floor.
If Momentum continues its downtrend, the next signal will be the 10-day (red) moving average, which is currently trending higher.
If this occurs, sellers of Ethereum will likely target a move around the $1,350 mark.
Sign up for email here to get weekly price analysis updates sent to your inbox.
Image credits: Shutterstock, Pixabay, Wiki Commons