Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks | Coinparative
Coinparative

  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀
No Result
View All Result
  • About Us
  • Contact
  • jeet-detector-bot
    JDB(JDB)
    $0.00-0.61%
  • bitcoin
    Bitcoin(BTC)
    $0.00-1.55%
  • ethereum
    Ethereum(ETH)
    $0.00-1.22%
  • usdex-stablecoin
    USDEX(USDEX)
    $0.00-0.53%
  • tether
    Tether(USDT)
    $0.00-1.44%
  • binancecoin
    BNB(BNB)
    $0.00-1.40%
  • usd-coin
    USD Coin(USDC)
    $0.000.310%
  • ripple
    XRP(XRP)
    $0.00-0.95%
  • binance-usd
    Binance USD(BUSD)
    $0.00-0.89%
  • cardano
    Cardano(ADA)
    $0.00-0.63%
  • dogecoin
    Dogecoin(DOGE)
    $0.00-2.45%
  • matic-network
    Polygon(MATIC)
    $0.004.38%
  • okb
    OKB(OKB)
    $0.00-1.63%
  • solana
    Solana(SOL)
    $0.00-2.42%
  • staked-ether
    Lido Staked Ether(STETH)
    $0.00-0.27%
  • shiba-inu
    Shiba Inu(SHIB)
    $0.00-3.26%
  • polkadot
    Polkadot(DOT)
    $0.00-0.98%
  • litecoin
    Litecoin(LTC)
    $0.00-1.20%
  • avalanche-2
    Avalanche(AVAX)
    $0.00-1.67%
  • tron
    TRON(TRX)
    $0.001.66%
View All
Coinparative
Home News

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks

January 25, 2023
in News
245 7
A A
0
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks
Share on FacebookShare on Twitter

Ethereum moved below $1,600 on Jan. 25, with bears selling previously overbought cryptocurrencies. After days of uncertainty, sentiment shifted in crypto markets, with a red wave washing away recent bulls. Bitcoin also dropped below $23,000 as a result of today’s sell-off.

Bitcoin

Bitcoin (BTC) fell below the $23,000 level on Wednesday, as a red wave swept through cryptocurrency markets.

Following a high of $23,048.18 on Tuesday, BTC/USD hit an intraday low of $22,406.08 earlier in today’s session.

As a result of today’s drop in price, bitcoin fell to its weakest point since Sunday, breaking out of a floor at $22,500 in the process.

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks
BTC/USD – Daily Chart

Looking at the chart, the drop came as the 14-day relative strength index (RSI) fell to its lowest level since last Thursday.

At the time of writing, the index is tracking at a level of 79.93, which comes less than 24 hours after hovering at 85.09.

Since its earlier breakout, the world’s largest cryptocurrency has somewhat rebounded, and is currently trading at $22,614.62.

Ethereum

Sentiment in ethereum (ETH) also shifted on Wednesday, with prices falling below a recent support point at $1,600.

ETH/USD slipped to a bottom of $1,530.80 on Wednesday, following a peak of $1,630.47 during Tuesday’s session.

Since breaking out of its $1,600 floor, ethereum appears to be heading towards a lower level of support at $1,500.

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks
ETH/USD – Daily Chart

Like with bitcoin, today’s red wave comes as bears have finally opted to reenter the market, as a result of prices being overbought.

Ethereum’s 14-day RSI is currently sitting at 61.07, which is its lowest point since January 8, and this comes a day after breaking out of a floor at 74.00.

There appears to be an upcoming support area at 58.00, and if this remains firm, ETH could manage to stay above $1,500.

Register your email here to get weekly price analysis updates sent to your inbox:

Could we see cryptocurrencies continue to fall in the coming days? Leave your thoughts in the comments below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



Source: Bitcoin News

Share196Tweet123Share34Pin44ShareSend

Related Articles

Is Cloud Mining a Scam?
News

Is Cloud Mining a Scam?

February 8, 2023
1.4k
This New Play-to-Earn Crypto Has Raised $3.5 Million in Its Presale – Secure Your Spot Before Prices Rise (MEMAG)
News

This New Play-to-Earn Crypto Has Raised $3.5 Million in Its Presale – Secure Your Spot Before Prices Rise (MEMAG)

February 8, 2023
1.4k
A Pragmatic View of ChatGPT in a Web3 World
News

A Pragmatic View of ChatGPT in a Web3 World

February 8, 2023
1.4k
Best Cryptocurrency Courses for 2023
News

Best Cryptocurrency Courses for 2023

February 8, 2023
1.4k
Crypto AI tokens struggle as Google chatbot ad campaign shows factual issues; stock falls 6%
Blockchain News

Crypto AI tokens struggle as Google chatbot ad campaign shows factual issues; stock falls 6%

February 8, 2023
1.4k
MATIC Moves to 10-Month High, ATOM Extends Recent Gains – Market Updates Bitcoin News
News

MATIC Moves to 10-Month High, ATOM Extends Recent Gains – Market Updates Bitcoin News

February 8, 2023
1.4k
Load More

Discussion about this post

Coinparative

2022 © All Rights Reserved.

Coinparative specializes in the digital News and research on cryptocurrency, Digital Assets and Blockchain

  • Advertise
  • Privacy Policy
  • Terms
  • About Us
  • Contact

Follow Us

No Result
View All Result
  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀

2022 © All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
DON’T MISS OUT!
Subscribe To Newsletter
Be the first to get latest updates and exclusive content straight to your email inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.