ETH Falls Below $1,900 as Markets React to Weakening Chinese Economy – Market Updates Bitcoin News

Today’s Ethereum price fell to $1,900 as the crypto market continued to react negatively to China’s disappointing economic news. The July figures showed that retail sales in China and industrial production were both lower than anticipated, raising concerns about a global recession. Bitcoin declined also on Tuesday.

Bitcoin

Bitcoin (BTC) was once again trading in the red, as crypto markets continued to move lower, following Monday’s disappointing economic data from China.

Figures from the world’s second-largest economy showed that retail sales had grown by 2.7% last month, which is less than the 5% expected.

This, along with declining industrial production data, pushed BTC lower yesterday, with the sell-off extending into today’s session.

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,900 as Markets React to Weakening Chinese Economy
BTC/USD – Daily Chart

BTC/USD dropped to $23,839.77 at the time of writing. Prices have fallen for the fourth consecutive session.

Looking at the chart, the 14-day relative strength index (RSI), is tracking at 57.25, which is marginally higher than Monday’s low, and could be a positive for bulls hoping for a reversal.

BTC traded at $24,030.08, up from the previous lows.

Ethereum

Like bitcoin, ethereum (ETH) also experienced volatility during today’s session, with the token marginally falling below $1,900.

Tuesday’s ETH/USD drop to $1,862.74, less than 24 hours following a peak of $1.926.60.

Today’s bottom is the lowest level that ethereum has traded at since August 11, when the price went on to break out of a ceiling at $1,885.

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,900 as Markets React to Weakening Chinese Economy
ETH/USD – Daily Chart

The bears used the resistance of $2,010 as a sign to reenter, and the result was a decline.

ETH has risen by almost 11% since last week’s same time, and the 10-day moving average (red) is maintaining its upward trend.

Even though investor confidence is down, the chances of ethereum moving beyond $2,000 are good.

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What will happen to bullish momentum in crypto next week? Please leave your comments.

Eliman Dambell

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




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