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Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks

  • Ralph Smith
  • 25/01/2023
  • 2 minute read
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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.

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks
BTC/USD – Daily Chart

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.

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks
ETH/USD – Daily Chart
/USD – Daily Chart

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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Image credits: Shutterstock, Pixabay, Wiki Commons

Coins: Ethereum / Bitcoin
Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

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