Ethereum fell to a nine-day low during Tuesday’s session, while the US dollar surged to a two-week high. The decline comes ahead of this week’s US inflation report, which is expected to show a 0.2%m/m drop in consumer prices. Bitcoin was also in the red during today’s session, trading below $19,000.
Bitcoin
Bitcoin (BTC) fell below $19,000 for the first time in over a week in today’s session as the US dollar strengthened.
The USD climbed to its highest level in nearly two weeks against several of its G7 peers ahead of Thursday’s inflation report.
As a result, BTC/USD slipped to an intraday low of $18,984.66 earlier in the day, marking its weakest point since October 3.
BTC/USD daily chart
Looking at the chart, today’s price drop sees the token slightly below its key support point of $19,300.
In addition to the price, the 14-day Relative Strength Index (RSI) also fell below a floor of 45.80 and stands at 44.67 as of this writing.
Bitcoin bulls have since rebounded, pushing the token back above $19,000, however, prices are still below the support point mentioned above.
ether
Unlike Bitcoin, Ethereum (ETH) has stayed lower for most of today’s session as the token failed to recover from previous declines.
ETH/USD slid to an intraday low of $1,272.98 on Tuesday, giving the world’s second-largest cryptocurrency its lowest level in over a week.
After threatening to break above its $1,300 bottom on Monday, downward pressure increased ahead of the inflation report from the United States today.
ETH/USD daily chart
As of this writing, Ethereum continues to trade below $1,300 but prices have moved away from the previous low.
Today’s move has brought the 10-day moving average (red) closer to an upside crossover with its 25-day counterpart.
The bulls are likely to use this as a sign to re-enter the market in the coming days, propelling prices back above $1,300 and closer to $1,400.
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Elijah Dambell
Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.
Image credits: Shutterstock, Pixabay, Wiki Commons, rafapress / Shutterstock.com
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