Bitcoin, Ethereum Technical Analysis: ETH Below $1,600 Ahead of Key US Economic Releases
Ethereum has started the week below $1,600, as markets appeared to be awaiting the release of several key data points from the United States. After a quiet week, the coming days will see the latest inflation, retail sales, and consumer sentiment figures released. Bitcoin remained lower on Monday.
Bitcoin started yet another week trading under the $26,000 level, as traders began to prepare for upcoming U.S. economic releases.
BTC/USD slipped to a low of $25,620.46 earlier in today’s session, after ending the weekend at a peak of $25,978.13.
Monday’s decline in price saw bitcoin continue to hover close to a key support point at the $25,600 region.
The slippage comes as the 14-day relative strength index (RSI) moved closer to a floor of its own at the 35.00 mark.
At the time of writing, the index is tracking at a reading of 37.09, which comes after failing to break out of a ceiling of 45.00 last week.
Should bulls reject a drop below 35.00, there is a good chance that BTC reverses in the coming days.
Ethereum (ETH) edged lower to start the week, with price falling below the $1,600 level on Monday.
After peaking at $1,627.67 on Sunday, ETH/USD raced to an intraday low of $1,581.79 during today’s session.
This resulted in the world’s second largest cryptocurrency falling to its lowest level since August 22.
The decline arrives as a breakout occurred on a price floor of $1,620, with bears rushing into the market as a result.
Price strength is now oversold, and is tracking at 31.27, with the next support point at the 28.00 zone.
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Will ethereum slip further this week? Leave your thoughts in the comments below.