Ahead of tomorrow’s long-awaited release of the US Federal Open Market Committee (FOMC) minutes, Ethereum broke below $1,100 on Nov. 22. Many are looking to the report for hints from the US Federal Reserve as to when they can turn away from current policy. Bitcoin also fell, reaching a critical support point in the process.
Bitcoin (Bitcoin) continued its decline on Tuesday as crypto markets became nervous ahead of the release of Wednesday’s FOMC minutes.
Bitcoin/USD fell to a low of $15,599.05 during today’s session. This is less than 24 hours after hitting the $16,246.61 high.
The move has pushed the world’s largest cryptocurrency to its lowest point in two years, coming as prices fell below key support points.
Looking at the chart Bitcoin It fell slightly below the $15,600 floor on Tuesday, but bounced higher as the session matured.
At the time of writing, Bitcoin is trading at $15,784.68 and is tracking the 14-day Relative Strength Index (RSI) at 31.61.
This is just above the support of 30.50. Bitcoin in the next few days.
Ethereum (ethereum) fell three times in a row on Tuesday, taking the token below $1,100 in the process.
Following a high of $1,140.70, ethereum/USD fell earlier today, moving to intraday lows of $1,081.14.
With today’s price drop, ethereum It fell to $1,080, the lowest since November 4th.
Since hitting this support point, the price has bounced back somewhat, with the token trading at $1,095.29 at the time of writing.
If this bottom holds firm, the bulls are likely to prepare to return to the market, leading to a change in current sentiment.
Sign up for your email here to have weekly price analysis updates sent to your inbox.
Do you think Ethereum will break further lows this week? Leave your thoughts in the comments below.
image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.