BTC, ETH Hit 2-Week Lows, Ahead of US Midterms  – Market Updates Bitcoin News

As markets prepare for Tuesday’s U.S. midterm election, Bitcoin dropped below $20,000 As some Democratic investors anticipate that American voters favor such a political wave, a red tide swept cryptocurrencies today. Ethereum fell below $1500 for the second time in two week.


On Tuesday, Bitcoin prices (BTC) fell for the third time in a row as traders prepared to vote for U.S. midterm election candidates.

After a peak of $20,882.38 at the beginning of this week, Bitcoin/USD fell to $19,448.53 today.

The bitcoin price dropped to $19,200 on October 25, the day the token traded around that level.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 2-Week Lows, Ahead of US Midterms
BTC/USD – Daily Chart

Looking at the chart, today’s decline in BTC came as prices fell below a key price floor of $20,080.

The 14-day relative weakness index (RSI), has also fallen below a support at 52.60 and currently tracks at 44.81.

BTC has slightly rebounded from its previous lows. However, bulls are still refusing to accept a price move of less than $19,000. As of this writing, the token trades at $19727.23.


Ethereum (ETH) also sank ahead of today’s vote, which many expect to be a clean sweep for Republican candidates.

The world’s second largest cryptocurrency fell to a bottom of $1,443.03, less than 24 hours after trading at a peak of $1,604.48.

Like with BTC, today’s move saw the token drop for a third consecutive day, hitting its lowest point in two weeks in the process.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 2-Week Lows, Ahead of US Midterms
ETH/USD – Daily Chart

The chart shows that ETH bears tried to reclaim a $1,425, but prices have rebounded since then.

However, the RSI reached a floor and is currently tracking at 50.00.

If this floor is broken, traders could attempt to get the token toward the $1,425 mark.

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What do you think a Republican victory will mean for crypto prices to fall? Please leave your comments.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has previously been a broker director and retail trade educator. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

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