ETH falls below $ 1,600 because the relative strength sinks - market tactualizations

Ethereum moved under $ 1,600 on January 25, with bears sold previously overbought cryptocurrencies. After days of uncertainty, the mood on the cryptoma markets changed, with a red wave washed away by the youngest bulls. Bitcoin fell under $ 23,000.

Bitcoin

Bitcoin ( bitcoin ) on Wednesday fell under the 23,000 dollar brand, as a red wave through the cryptocurrency markets swept.

after a high of 23,048.18 $ on Tuesday Bitcoin /USD earlier in today's session an intraday 22,406.08 $.

As a result of today's drop in prices, Bitcoin fell to his weakest point since Sunday and broke out of a floor at $ 22,500.

If you look at the diagram, the decline came when the 14-day relative strength index (RSI) fell to the lowest level since last Thursday.

At the time of writing this article, the index moves at a level of 79.93, which is reached less than 24 hours after floating at 85.09.

The world's greatest cryptocurrency has recovered somewhat since its earlier outbreak and is currently being traded at $ 22,614.62.

ether

mood in Ethereum ( eth ) also postponed on Wednesday, where

ETH /USD on Wednesday slipped to a low of 1,530.80, after a maximum of 1.630.47 $ reached.

Since the outbreak from its lower limit of $ 1,600, Ethereum seems to be exceeded at a lower level of support at $ 1,500.

As with Bitcoin, today's red wave comes, since the bears finally decided to re -enter the market due to overbought prices.

The 14-day RSI of Ethereum is currently 61.07, the lowest level since January 8, and this comes from a floor at 74.00.

There seems to be an upcoming support area at 58.00, and if it remains fixed, eth could be over $ 1,500

Set your email address here to receive weekly price analysis updates to your inbox:

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

Eliman Damell

Eliman brings an eclectic point of view to the market analysis. Previously, he was a brokerage director and online trading instructor. He currently acts as a commentator for various investment classes, including crypto, stocks and foreign exchange, and is also the founder of a startup.

Bedy verification : Shutterstock, Pixabay, Wikicommons