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Bitcoin, Ethereum Technical Analysis: ETH Falls to 15-Month Low to Start the Weekend

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Cryptocurrency prices fell at the start of the weekend following yesterday’s US inflation report, which reached a 40-year high of 8.6%. Ethereum fell to its lowest level in fifteen months, while BTC dropped below $29,000.

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After a few days of consolidation BTC finally moved late Friday to Saturday as cryptocurrency prices reacted to the latest inflation report.

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Data from the United States showed inflation hit a 40-year high of 8.6%, higher than many had expected at 8.3%.

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As such, investors seem to have panicked and in turn liquidated some of their positions in the cryptocurrency markets.

BTC/USD – daily chart

BTC/USD fell to an intraday low of $28,911.36 by the start of the weekend, sending prices to their weakest point in almost two weeks.

Despite the drop, prices are still above the support at $28,800, but some expect the sell-off to intensify as the weekend progresses.

If we see the 14-day RSI drop below the current support of 40.50 then we can see this expectation come true.

Ethereum

Saturday saw Ethereum fell to their lowest level in more than a year as prices for the world’s second-largest crypto token tumbled.

To start the weekend Ethereum/USD fell nearly $300, hitting a low of $1583.10 earlier in today’s session.

This is the lowest price level since last March, when prices broke through support at $1,720.

Ethereum/USD – daily chart

After a few days of consolidation, the price strength also weakened and the RSI saw its 36 floor break easily.

At the time of writing, the indicator is now tracking 30.96, which is close to the lower support at 29.30.

Like bitcoin, some expect a price Ethereum will fall lower in the coming days and this RSI lower limit could be the point that the bears are targeting.

Why does inflation affect the prices of cryptocurrencies so much? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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