Ethereum fell below its recent floor of $1,500 earlier in today’s session, as bearish pressure intensified in crypto markets. As traders get ready for yet another Fed rate hike, uncertainty in the markets has grown. Bitcoin also fell again for the second consecutive day as Bitcoin prices neared the $21,000 mark.
Bitcoin
Bitcoin (BTC) extended its stint in the red during today’s session, as the token was on the cusp of falling below $21,000.
Following a high of $22,213.48 to start the week, BTC/USD slipped to an intraday low of $21,012.48 in today’s session.
The move saw the world’s largest cryptocurrency fall to its lowest level since last Monday, July 18, when prices were trading at a significant price floor.
The $20,600 support level is where bearish sentiment can’t be suppressed below 20,000.
As downside pressure is gaining momentum, the chart suggests that BTC could once more collide with the floor.
Also, the relative strength index is below 50. This indicates that bears control price movement.
Ethereum
Bears were seemingly dictating momentum in ethereum (ETH), as the token declined below $1,400 in today’s session.
As of Monday’s writing, ETH/USD was at an all-time high of $1535.07 and is currently trading at a lower level of $1389.29
The decline has intensified as the session has progressed, coming ahead of tomorrow’s Federal Open Market Committee policy meeting.
The bearish sentiment is causing relative strength to track at 51, its lowest reading in more than ten consecutive days.
Price declines occurred after the 14-day RSI moved to overbought territory last Wednesday, which bears used for a sign that they were ready to reenter.
The current reading of the index is also a support point, and should this level hold firm, then we may see a rebound in price after tomorrow’s rate decision.
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