NEWSLETTER
Ethereum fell lower on Thursday as cryptocurrency markets continued to react to the latest US retail sales figures. Sales in the United States fell more than expected, falling 1.1% in December. Bitcoin also declined in the session today, with prices dipping below the $21,000 mark.
Bitcoin
bitcoin (BTC) dipped below the $21,000 mark on Thursday, as crypto markets fell following slowing US retail sales numbers.
the fall saw BTC/USD hit an intraday low of $20,541.54 earlier in today’s session, having just hit a four-month high of $21,564.50.
Since the liquidation, BTC it now seems to be looking for a foothold, with the $20,500 mark a likely candidate.
Looking at the chart, a drop was expected with the 14-day RSI tracking near a two-year high in recent days.
At time of writing, the index is at the 78.40 level, which is marginally above a floor at the 77.00 mark.
If there is a move below this point, it is likely that BTC the bears could push prices towards the $20,000 zone.
Ethereal
ethereal (ETH), which rallied above $1600 on Wednesday, was also in the red in today’s session, falling towards a five-day low.
Following a high of $1,602.11 on the day of the hump, ETH/USD fell to a bottom of $1,509.42 earlier today.
As a result of the move, ETH it fell to its lowest point since Saturday, when prices bottomed at $1,449.
From the graph, ETHPrice strength has also reached a support level, with the RSI currently near a bottom at 70.00.
If the momentum continues to trend down, the next signal will be the 10-day (red) moving average, which is still heading higher for now.
Whenever this occurs, Ethereum sellers are likely to target a move close to the $1,350 mark.
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Could we see Ethereum and Bitcoin extend declines in the coming days? Leave your thoughts in the comments below.
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