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Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,400 Support, BTC Hits $21,000 Prior to Federal Reserve Meeting

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Ethereum fell below its recent low of $1,500 earlier in today’s session as bearish pressure in the crypto markets intensified. Market uncertainty has intensified today as traders prepare for another Fed rate hike. Bitcoin was also down for the second day in a row as prices were on the cusp of dropping below the $21,000 level.

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Bitcoin (BTC) extended its stay in the red during today’s session as the token was on the cusp of dropping below $21,000.

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After a high of $22,213.48 earlier in the week BTC/USD fell to an intraday low of $21,012.48 in today’s session.

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The move caused the world’s largest cryptocurrency to drop to its lowest level since last Monday, July 18, when prices traded at significant lows.

Bitcoin, Ethereum Technical Analysis: ETH Support Drops Below $1,400, BTC Hits $21,000 Ahead of Federal Reserve Meeting
BTC/USD – daily chart

This support point is the $20,600 level, which has usually been the last line of defense against the bulls preventing bearish sentiment from pushing Bitcoin below $20,000.

Looking at the graph, it seems that we can see BTC once again collide with this floor as the downward pressure seems to be gathering momentum.

The Relative Strength Index (RSI) is also below 50, which usually indicates that the bears are currently dictating the price action.

Ethereum

Bears appear to have been dictating momentum in Ethereum (Ethereum) as the token dropped below $1,400 in today’s session.

Ethereum/USD, which peaked at $1,535.07 on Monday, is now trading at a low of $1,389.29 at the time of writing.

The fall intensified during the session ahead of tomorrow’s meeting of the policy committee of the Federal Open Market Committee.

Bitcoin, Ethereum Technical Analysis: ETH Support Drops Below $1,400, BTC Hits $21,000 Ahead of Federal Reserve Meeting
Ethereum/USD – daily chart

As a result of this bearish sentiment, relative strength is currently at its lowest level in more than ten days at 51.

Overall, the price decline came shortly after the 14-day RSI moved into overbought territory last week, which the bears used as a signal to re-enter the market.

The current value of the index is also a support point, and if this level holds, we may see a price bounce after tomorrow’s rate decision.

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Credit : news.bitcoin.com

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