Ethereum fell to a nine-day low during Tuesday’s session, as the U.S. dollar rose to a two-week high. The decline comes ahead of this week’s U.S. inflation report, which is expected to show consumer prices falling by 0.2% month-on-month. Bitcoin was also in the red during today’s session, moving below $19,000.
Bitcoin (BTC) fell below $19,000 for the first time in over a week in today’s session, as the U.S. dollar rose in strength.
USD climbed to its highest point in nearly two weeks versus several of its G7 counterparts, ahead of Thursday’s inflation report.
BTC/USD dropped to an intraday lowest of $18,984.66 early in the morning, making it its weakest point since Oct 3.
Looking at the chart, today’s drop in price sees the token fall marginally below its key support point of $19,300.
The price dropped along with the relative strength index (RSI), which fell below a floor at 45.80. As of this writing it is currently tracking at 44.67.
Bitcoin bulls entered again, pushing the token up above $19,000. However, prices still remain well below that support point.
Unlike bitcoin, ethereum (ETH) has remained mostly lower in today’s session, with the token unable to rebound from earlier declines.
ETH/USD slipped to an intraday low of $1,272.98 on Tuesday, which sees the world’s second largest cryptocurrency hit its lowest point in over a week.
Today’s inflation report, which was issued by the United States, has intensified bearish pressure after Monday’s threat to breach the $1,300 floor.
Ethereum trades at $1,300 per unit as of the writing. Prices have moved up from that earlier low, however.
Today’s move has pushed the 10-day (red) moving average closer to an upwards crossover with its 25-day counterpart.
This will be a signal that bulls are attempting to reenter market prices in the coming days. Prices could rise to $1,300 and even closer to $1.400.
Get weekly price analysis emails sent straight to your inbox by registering your email
Is ethereum likely to rally after the inflation report is out? Comment below to share your views.
Images CreditsShutterstock.com – Pixabay. Wiki commons.
DisclaimerThe information contained in this article is intended to be informative. It does not constitute an offer, solicitation, or recommendation of products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.