Ethereum fell Thursday as the cryptocurrency market continued to react to the latest US retail sales. Sales in the US fell more than expected, with him down 1.1% in December. Bitcoin also fell in today’s session, with the price falling below $21,000.
Bitcoin (BTC) fell below $21,000 on Thursday as the cryptocurrency market fell after slowing US retail sales.
The drop took BTC/USD to an intraday low of $20,541.54 early in today’s session, fresh from a four-month high of $21,564.50.
Since the sale, BTC now appears to be looking for a support point, with $20,500 being a strong contender.
Looking at the charts, we were expecting some decline as the 14-day Relative Strength Index (RSI) recently tracked near a two-year high.
At the time of writing, the index is at the 78.40 level, just above the floor at the 77.00 mark.
A break below this point could see the BTC bears push the price into the $20,000 zone.
Ethereum (ETH), which crossed $1,600 on Wednesday, was also in the red in today’s trading, dropping towards a five-day low.
Following a hump day high of $1,602.11, ETH/USD fell to a low of $1,509.42 today.
As a result of this move, ETH fell to its lowest point since Saturday when the price hit a low of $1,449.
From the chart, ETH price strength has also reached support levels and the RSI is currently hovering around the 70.00 floor.
If the momentum continues to trend downward, the next signal is the 10-day moving average (red), which is currently trending upward.
If this happens, Ethereum sellers will likely target a move near $1,350.
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Could Ethereum and Bitcoin continue to drop in the next few days? Leave your thoughts in the comments below.
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