Ethereum was once again trading in the red, as prices of the token fell below $1,600 during today’s session. Tuesday’s drop is the fifth consecutive day that prices of the cryptocurrency have moved lower. Bitcoin continued its decline streak, dropping below $23,000.
Bitcoin (BTC) was lower for a fifth straight day, as prices of the token slipped below $23,000 in today’s session.
Following a peak of $24,121.64 to start the week, the world’s largest cryptocurrency plunged by over $1,000 on Tuesday.
BTC/USD fell to $22,710.08 at the end of yesterday, just as price levels were close to a support level.
BTC is quickly approaching $22,500 as a floor, which has historically been an area where bearish spells have significantly worsened.
You can see that this was the first time the floor was breached on July 25th. As a result, bears increased their downward pressure. Prices fell to $20,737 within 24 hours.
Today’s drop comes as the 14-day relative strength index (RSI) fell below its own floor at the 53 level, and is currently tracking at 52.70.
Tuesday was also a day in which ethereum, (ETH), continued its downtrend, the token dropping below $1600 for the fifth time.
ETH/USD moved to an intraday low of $1,567.85 during today’s trading session, as bears pushed prices below a support point.
It was the $1620 floor that was being tested Monday. However, bulls were able hold the level and push price up to $1,685.59.
Pressure has grown and, like bitcoin, it has been below a support line.
After a breakout of the floor at 58, relative strength is now tracking at 55.55.
A new support level at 54.20 seems like the target. If this is reached, ETH could trade for around $1,500.
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