Bitcoin, Ethereum Technical Analysis: ETH Slips Below  $1,100 Ahead of FOMC Minutes Report

Bitcoin, Ethereum Technical Analysis: ETH Slips Below  $1,100 Ahead of FOMC Minutes Report

Ethereum fell below $1,100 on Nov. 22, ahead of tomorrow’s much anticipated United States Federal Open Market Committee (FOMC) minutes release. Many are looking toward this report for hints from the U.S. Federal Reserve, in terms of when it could pivot from current policy. Bitcoin was also lower, hitting a key support point in the process. Bitcoin

Bitcoin (BTC) continued to trade lower on Tuesday, as crypto markets were nervy ahead of Wednesday’s FOMC minutes release.

BTC/USD fell to a low of $15,599.05 in today’s session, which comes less than 24 hours after hitting a high of $16,246.61.

The move pushed the world’s largest cryptocurrency to its lowest point in two years, and came as prices fell below a key support point. BTC/USD – Daily Chart

Looking at the chart, BTC moved marginally below a floor of $15,600 on Tuesday, before rebounding higher as the session matured.

As of writing, bitcoin is trading at $15,784.68, with the 14-day relative strength index (RSI) tracking at 31.61.

This is slightly above a support of 30.50, which means that there could still be upcoming drops in BTC in the coming days. Ethereum

Ethereum (ETH) fell for a third consecutive session on Tuesday, with the token moving below $1,100 in the process.

Following a high of $1,140.70, ETH/USD declined earlier today, moving to an intraday low of $1,081.14.

As a result of today’s drop in price, ETH sank towards a floor of $1,080, hitting its lowest point since November 4. ETH/USD – Daily Chart

Since hitting this point of support prices have somewhat rebounded, and as of writing the token is trading at $1,095.29.

Unlike with BTC, it appears as ETH has found a floor on the RSI indicator, with the index hovering close to a support at 33.00.

Should this floor hold firm, bulls will likely prepare to return to the market, leading to a shift in current sentiment.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you expect ethereum to have any further lower lows this week? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: LTC up 12%, Hitting a 3-Week High MARKET UPDATES | 6 hours ago Biggest Movers: NEAR Slips to 16-Month Bottom, ALGO Over 11% Lower on Monday MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleVenezuelan President Nicolas Maduro Signals Support for Single Currency in Latam, Calls for Crypto Inclusion Next articleBahamas Property Worth $121 Million Acquired by FTX, SBF’s Parents, Report Unveils Disclaimer: 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 products, services, or companies. 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse

United Arab Emirates (UAE) airliner, Emirates, has announced plans to launch non-fungible tokens (NFT) and experiences in the metaverse for its workers and customers. The launch aligns with UAE"s digital economy and virtual assets initiatives. First Projects Already Underway The ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether