Ethereum fell below $1600 on January 25, as bears sold the previously overbought cryptocurrency. After several days of uncertainty, crypto market sentiment shifted and a red wave washed away the recent bullishness. Bitcoin also fell below $23,000 as a result of today’s sell-off.
Bitcoin
Bitcoin (BTC) fell below the $23,000 level on Wednesday as a red wave swept the cryptocurrency market.
After hitting a high of $23,048.18 on Tuesday,BTC/USD hit an intraday low of $22,406.08 earlier in the session today.
As a result of today’s price drop, bitcoin fell to its weakest point since Sunday, breaking the $22,500 floor in the process.
BTC
The chart shows that the 14-day Relative Strength Index (RSI) fell to its lowest level since last Thursday.
At the time of this writing, the index was hovering at a level of 79.93, less than 24 hours after hovering at 85.09.
Since the previous breakout, the world’s largest cryptocurrency has rebounded somewhat and is currently trading at $22,614.62.
Ethereum
Sentiment in Ethereum (ETH) also shifted on Wednesday, with the price now below its recent support point at $1,600.
ETH/USD fell to a bottom of $1530.80 on Wednesday, following a peak of $1630.47 during Tuesday’s session.
Since breaking out of the $1600 floor, Ethereum appears to be heading toward a $1500 floor.
Like Bitcoin, today’s red wave is the result of overbought prices, with the bears eventually choosing to re-enter the market.
Ethereum’s 14-day RSI is currently at 61.07, which is its lowest point since January 8, a day after breaking through the 74.00 floor.
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