Fun

Bitcoin, Ethereum Technical Analysis: ETH Falls to 9-Day Low Below $1,300

News Feed - 2022-10-11 10:10:00

Bitcoin, Ethereum Technical Analysis: ETH Falls to 9-Day Low Below $1,300


Ethereum fell to a nine-day low during Tuesday’s session, as the U.S. dollar rose to a two-week high. The decline comes ahead of this week’s U.S. inflation report, which is expected to show consumer prices falling by 0.2% month-on-month. Bitcoin was also in the red during today’s session, moving below $19,000. Bitcoin


Bitcoin (BTC) fell below $19,000 for the first time in over a week in today’s session, as the U.S. dollar rose in strength.


USD climbed to its highest point in nearly two weeks versus several of its G7 counterparts, ahead of Thursday’s inflation report.


As a result, BTC/USD slipped to an intraday low of $18,984.66 earlier in the day, which is its weakest point since October 3. BTC/USD – Daily Chart


Looking at the chart, today’s drop in price sees the token fall marginally below its key support point of $19,300.


In addition to the price, the 14-day relative strength index (RSI) also dropped below a floor of 45.80, and as of writing, is tracking at 44.67.


Bitcoin bulls have since reentered, and pushed the token back above $19,000, however prices are still below the aforementioned support point. Ethereum


Unlike bitcoin, ethereum (ETH) has remained mostly lower in today’s session, with the token unable to rebound from earlier declines.


ETH/USD slipped to an intraday low of $1,272.98 on Tuesday, which sees the world’s second largest cryptocurrency hit its lowest point in over a week.


After threatening to break out of its floor of $1,300 on Monday, bearish pressure intensified today, ahead of the inflation report from the United States. ETH/USD – Daily Chart


As of writing, ethereum continues to trade below $1,300, however prices have moved away from the earlier low.


Today’s move has pushed the 10-day (red) moving average closer to an upwards crossover with its 25-day counterpart.


Bulls will likely be using this as a sign to reenter the market in coming days, thus sending prices back above $1,300, and closer to $1,400.


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


Will ethereum rally following the inflation report? 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: ETC, NEAR at 3-Month Lows on Tuesday MARKET UPDATES | 7 hours ago Bitcoin Price Outlook for October — Strong Dollar and Fed Rate Hike Gives Bears the Advantage MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, rafapress / Shutterstock.com Previous articleJapanese Telecom Giant NTT Docomo Launches $412 Million Metaverse Unit Next articlePolygon Launches zkEVM Testnet — Defi Projects Uniswap, Lens, Aave Join Testing 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 ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Dacxi Announces Global Tokenized Crowdfunding Solution – the Dacxi Chain
Dacxi Announces Global Tokenized Crowdfunding Solution - the Dacxi Chain press release PRESS RELEASE. Dacxi has announced theDacxi Chain – the world’s first tokenized
Bitcoin’s Rise Driven by Institutional Trading, Says Research and Investor Sentiment
Bitcoin"s Rise Driven by Institutional Trading, Says Research and Investor SentimentThe cryptocurrency bitcoin is trading at an all-time high relative to its social activity, explai
Global M2 Vs. Bitcoin Shows Bullishness As Analyst Sets ‘Blast Off’ Date, Here’s When
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Two Blockchain-Based Digital Identity Projects Are Being Developed in Argentina
Two Blockchain-Based Digital Identity Projects Are Being Developed in Argentina Two blockchain-based digital identity projects are being developed in different r
Turner Wright7 hours agoWeb3 company to have balloons featured during Macy’s Thanksgiving Day ParadeThe iconic U.S. holiday event has previously introduced themed nonfungible tokens and held a virtual parade in the met
William Suberg20 hours agoBlackRock ETF stirs US Bitcoin buying as research says ‘get off zero’Bitcoin is a must-own as the world’s only truly scarce asset, analysis argues, as U.S. BTC accumulation takes a leg up.
Tron network leads in stablecoin market share amid growing monthly transfer volume
Nancy Lubale2 hours agoTron network leads in stablecoin market share amid growing monthly transfer volumeTron’s share of the stablecoin market continues to grow as the network’s adjusted transfer volume in USDT hit $
Hashbon Launches Its HASH Token and Gets Listed on Coinsbit
Hashbon Launches Its HASH Token and Gets Listed on Coinsbit press release PRESS RELEASE. Established in 2016, Hashbon aims to provide payment services for both bu
Tezro – the Revolutionary Cryptocurrency Payment System Establishing New Standards in the Blockchain Community
Tezro - the Revolutionary Cryptocurrency Payment System Establishing New Standards in the Blockchain Community press release PRESS RELEASE.PARIS, FRANCE / NOVEMBER 7th 2022 /Tezro&#
David Attlee1 hour agoSpain to implement MiCA six months ahead of July 2026 deadlineThe country said EU crypto rules will come into force in December 2025, ahead of the general deadline for implementing MiCA for all 27 m
Bitcoin, Ethereum Technical Analysis: ETH, BTC Lower, US Retail Sales Slow
Bitcoin, Ethereum Technical Analysis: ETH, BTC Lower, US Retail Sales Slow Ethereum fell lower on Thursday, as cryptocurrency markets continued to react to the latest U.S. retail s
Can Cardano Reclaim $1? Analyst Says ADA Price Must Hold This Crucial Level
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu