ETH Drops to 15-Month Low to Start Weekend – Market Updates – Bitcoin News


Cryptocurrency prices plunged as the weekend began, following yesterday’s US inflation report, which hit a 40-year high of 8.6%. ETH fell to its lowest point in fifteen months, while BTC fell below $29,000.

Bitcoin

After days of consolidation, BTC finally moved from Friday to Saturday as crypto prices responded to the latest inflation report.

Data from the United States showed inflation hitting a 40-year high of 8.6%, which is higher than the 8.3% that many had expected.

As such, investors appear to have panicked and in turn liquidated some of their positions in the crypto markets.

BTC/USD – Daily Chart

BTC/USD fell to an intraday low of $28,911.36 to start the weekend, taking prices to their weakest point in almost two weeks.

Despite the drop, prices still hold above support at $28,800, however, with some expecting the sell-off to intensify as the weekend progresses.

If we see the 14-day RSI move below its current support at 40.50, then we could see this expectation coming true.

Ethereal

On Saturday, ETH fell to its lowest point in over a year as prices for the world’s second-largest crypto token plummeted.

To kick off the weekend, ETH/USD dropped almost $300, hitting a low of $1,583.10 in today’s session.

This is the lowest level prices have reached since March of last year, and it comes as prices broke through support at $1,720.

ETH/USD – Daily Chart

After days of consolidation, price strength has also faded, with the RSI easily breaking its 36 floor.

At time of writing, the indicator is now at 30.96, which is close to a lower support level of 29.30.

Like bitcoin, some expect ETH prices to drop further in the coming days, and this bottom on the RSI could be a point that the bears are targeting.

Why does inflation have such an impact on cryptocurrency prices? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, having worked as a brokerage director, retail educator, and market commentator on Crypto, Stocks, and FX.

image credits: Shutterstock, Pixabay, Wiki Commons

DisclaimerNote: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Source link

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *