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Bitcoin, Ethereum Technical Analysis: BTC Falls to $20,000 Range, as Sell-Off Extends

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Bitcoin declines for the eighth consecutive session on Tuesday as the crash in the cryptocurrency markets continues. BTC fell to the $20,000 range for the first time since December 2020, while Ethereum hit $1,000, also recording a multi-year low.

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BTC traded lower for the eighth day in a row, with Monday’s decline taking prices to their lowest level since December 2020.

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The world’s largest cryptocurrency token fell to an intraday low of $20,950.82 in today’s session after yesterday’s low of $23,607.69.

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This latest decline comes as traders prepare for tomorrow’s FOMC meeting, where some expect the Federal Reserve to raise interest rates.

Bitcoin, Ethereum Technical Analysis: BTC Drops To $20,000 Range As Selloff Expands
BTC/USD – daily chart

As US inflation continues to peak, many now believe the Fed needs to make more policy changes to combat rising consumer prices.

From a technical standpoint, the 14-day RSI is currently at its lowest point in over five years, at 23.77.

Many feel that we have yet to find a price floor after the recent price cuts, with some expecting prices to potentially approach $19,000.

Ethereum

Ethereum fell below $1,100 on Tuesday as the price fall for the world’s second-largest cryptocurrency worsened.

After a high of $1269.76 earlier in the week Ethereum/USD fell to an intraday low of $1,094.70 earlier in the day.

This saw Ethereum fell to its lowest level since January 2021, when prices rose to a low of $748.

Bitcoin, Ethereum Technical Analysis: BTC Drops To $20,000 Range As Selloff Expands
Ethereum/USD – daily chart

As a result of this latest price drop, Ethereum broke out of its support at $1,275 and now looks set to find support around $800.

The bulls will likely try to prevent this and will be helped by the fact that the 14-day RSI is heavily oversold and there is little bearish volume left.

The relative strength is currently 21, the lowest reading since March 2020, during the first peak of the coronavirus pandemic.

Will Ethereum drop below $1,000 next week? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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