Ethereum Hits 1-Month Low, Falls Below $1,500 as Bitcoin Steadies
Summery of the Article
- Ethereum fell to a one month low trading below $1,500 due to Paxos ending minting BUSD.
- Bitcoin edged lower as prices remain near a three and a half week low.
- The 14-day relative strength index for both Bitcoin and Ethereum is tracking close to 44.00.
Bitcoin Technical Analysis
Bitcoin (BTC) continued to trade close to a multi-week low on Monday, as market sentiment remained bearish ahead of the upcoming U.S. inflation report. Following a high of $22,060.99 on Sunday, BTC/USD dropped to an intraday low of $21,539.50 to start the week. As a result of the decline, bitcoin remains close to its lowest point since January 20, which is the last time prices were under $21,000. Looking at the chart, today’s move comes as the 14-day relative strength index (RSI) maintains its proximity to a support point at 44.00. At the time of writing, the index is currently tracking at 45.80 with a resistance level of 50.00 an ideal target for remaining bulls should this target be captured; bulls could extend this rally and move to regain market momentum.
Ethereum Technical Analysis
Etheruem (ETH) fell to a one-month low to start the week with prices moving below the $1,500 mark less than 24 hours after trading at peak of $1,545.55 ETH/USD bottomed out at a low of $1,477.73 earlier today Monday’s plunge has seen world’s second largest cryptocurrency hit its weakest point since January 14th This latest slippage in price comes as RSI failed stay above long term floor at 44 level as of writing price strength currently tracking 42 which lowest reading since December 28 Should downward trend continue it highly likely that ethereum could collide with support 1 450
Paxos Ending Minting BUSD
It was reported that Paxos will no longer mint BUSD this has led depegging stablecoin and comes ahead upcoming U S inflation report also adding today volatility