Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,600 as Relative Strength Sinks


Ethereum moved below $1,600 on Jan. 25, with bears selling previously overbought cryptocurrencies. After days of uncertainty, sentiment shifted in crypto markets, with a red wave washing away recent bulls. Bitcoin also dropped below $23,000 as a result of today’s sell-off.

Bitcoin

Bitcoin (BTC) fell below the $23,000 level on Wednesday, as a red wave swept through cryptocurrency markets.

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Following a high of $23,048.18 on Tuesday, BTC/USD hit an intraday low of $22,406.08 earlier in today’s session.

As a result of today’s drop in price, bitcoin fell to its weakest point since Sunday, breaking out of a floor at $22,500 in the process.

Looking at the chart, the drop came as the 14-day relative strength index (RSI) fell to its lowest level since last Thursday.

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