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Bitcoin, Ethereum Technical Analysis: ETH Hits 1-Month Low, Falling Under $1,500

News Feed - 2023-02-13 10:02:55

Bitcoin, Ethereum Technical Analysis: ETH Hits 1-Month Low, Falling Under $1,500


Ethereum started the week trading below $1,500, as it was reported that Paxos will no longer mint BUSD. This has led to a depegging of the stablecoin, and comes ahead of the upcoming U.S. inflation report, which is also adding to today’s volatility. Bitcoin edged lower on Feb. 13, as prices remain near a three-and-a-half-week low. Bitcoin


Bitcoin (BTC) continued to trade close to a multi-week low on Monday, as market sentiment remained bearish ahead of the upcoming U.S. inflation report.


Following a high of $22,060.99 on Sunday, BTC/USD dropped to an intraday low of $21,539.50 to start the week.


As a result of the decline, bitcoin remains close to its lowest point since January 20, which is the last time prices were under $21,000. BTC/USD – Daily Chart


Looking at the chart, today’s move comes as the 14-day relative strength index (RSI) maintains its proximity to a support point at 44.00.


At the time of writing, the index is currently tracking at 45.80, with a resistance level of 50.00 an ideal target for remaining bulls.


Should this target be captured, bulls could extend this rally, and move to regain market momentum. Ethereum


Etheruem (ETH) fell to a one-month low to start the week, with prices moving below the $1,500 mark.


Less than 24 hours after trading at a peak of $1,545.55, ETH/USD bottomed out at a low of $1,477.73 earlier today.


Monday’s plunge has seen the world’s second largest cryptocurrency hit its weakest point since January 14. ETH/USD – Daily Chart


This latest slippage in price comes as the RSI failed to stay above a long-term floor at the 44.00 level.


As of writing, price strength is currently tracking at 42.26, which is its lowest reading since December 28.


Should this downward trend continue, it is highly likely that ethereum could collide with a support at $1,450.


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Do you expect tomorrow’s inflation figure to come in below the expected 6.2%? 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: MATIC Drops by 10%, ATOM Hits 2-Week Low MARKET UPDATES | 7 hours ago Biggest Movers: SHIB, LTC Rebound From Recent Losses on Saturday MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePaxos Receives Wells Notice from SEC, NYDFS Orders Issuer to Stop Minting BUSD Next articleHackers Attack Domain Registrar Namecheap; Flood of DHL and Metamask Phishing Emails Follow 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 ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


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