ETH Back Under $2,000 as Balenciaga Gains Lose Steam – Market Updates Bitcoin News

After strong gains in the beginning of the week, BTC fell below $30,000 once more, while crypto prices dropped on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH fell below $2,000 this morning.

Bitcoin

Bitcoin dropped below $30,000 Tuesday as bears returned action after a positive start to the week.

Following a high of $30,547.50 during Monday’s session, BTC/USD fell to an intraday low of $28,975.56 earlier today.

Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded.

The bears are now pushing prices towards support at $28,800. This is the area in which BTC has been residing for the last few weeks.

Looking at the chart, the 14-day Relative Strength Index is also under resistance at 38, which seems to be another contributing factor to today’s decline.

Markets will continue to consolidate, as we discussed recently.

Ethereum

Yesterday’s bullish sentiment also wore off for ETH, which once again fell below the $2,000 level following promising gains.

The world’s second-largest cryptocurrency dropped to an intraday low of $1,964.39 on Tuesday, which is just over 4% lower than yesterday’s top.

ETH/USD is now just over $10 away from support of $1,950, following today’s sell-off, which pushes prices back toward the long-term floor.

The positive sign that ETH has is the 10-day moving average heading sideways. This is normally a sign of future ups.

This means that even though we’re currently in consolidation, bulls are likely to be ready for a breakout once upward momentum picks back up.

Is there a chance we will see a breakout by the end of February? Comment below with your views.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator on Crypto, Stocks, and FX markets.