Ethereum fell below $1,100 on Nov. 22 ahead of the highly anticipated release of US Federal Open Market Committee (FOMC) minutes tomorrow. Many look to this report for clues from the US Federal Reserve, in terms of when it might deviate from current policy. Bitcoin was also lower, hitting a key support point in the process.
Bitcoin (BTC) continued to trade lower on Tuesday as crypto markets jittered ahead of the release of Wednesday’s FOMC minutes.
BTC/USD fell to a low of $15,599.05 in today’s session, which comes less than 24 hours after hitting a high of $16,246.61.
The move pushed the world’s largest cryptocurrency to its lowest point in two years, and came as prices fell below a key support point.
Looking at the chart, BTC dipped slightly below a low of $15,600 on Tuesday, before bouncing higher as the session matured.
At the time of writing, bitcoin is trading at $15,784.68, with a 14-day Relative Strength Index (RSI) trail at 31.61.
This is slightly above a support of 30.50, which means that there could still be further declines in BTC in the coming days.
Ethereum (ETH) fell for a third consecutive session on Tuesday, with the token dropping below $1,100 in the process.
After hitting a high of $1,140.70, ETH/USD declined earlier in the day, dropping to an intraday low of $1,081.14.
Following today’s price decline, ETH fell to lows of $1,080, hitting its lowest point since Nov. 4.
Since hitting this support point, prices have rebounded somewhat, and at the time of writing, the token is trading at $1,095.29.
Unlike BTC, it looks like ETH has bottomed out on the RSI indicator, with the index hovering near support at 33.00.
If this bottom holds, the bulls will likely prepare to reenter the market, leading to a shift in current sentiment.
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Do you expect Ethereum to have any more lower lows this week? Leave your thoughts in the comments below.
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