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.
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.
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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