Ethereum fell to a nine-day low during the trading session on Tuesday, while the US dollar rose to a two-week high. The drop comes ahead of this week’s US inflation report, which is expected to show consumer prices falling 0.2% on a monthly basis. Bitcoin was also in the red during today’s session, moving below $19,000.
Bitcoin (BTC) dipped below $19,000 for the first time in over a week in today’s session as the US dollar strengthened.
The USD rose to its highest point in nearly two weeks against several of its G7 peers, ahead of Thursday’s inflation report.
As a result, BTC/USD fell to an intraday low of $18,984.66 earlier in the day, which is its weakest point since Oct. 3.
Looking at the chart, today’s price drop sees the token drop marginally below its key support point of $19,300.
Adding to the price, the 14-day Relative Strength Index (RSI) has also dipped below a floor of 45.80 and is at 44.67 at time of writing.
Since then, Bitcoin bulls have re-entered and pushed the token above $19,000, however, prices are still below the aforementioned support point.
Unlike bitcoin, ethereum (ETH) has remained mostly lower in today’s session, with the token unable to recover from previous declines.
ETH/USD fell to an intraday low of $1,272.98 on Tuesday, making the world’s second-largest cryptocurrency hit its lowest point in more than a week.
After threatening to break out of its $1,300 bottom on Monday, bearish pressure intensified today ahead of the US inflation report.
At time of writing, ethereum continues to trade below $1,300, however, prices have moved away from the previous low.
Today’s move has pushed the 10-day moving average (red) closer to an upside crossover with its 25-day counterpart.
The bulls are likely to use this as a signal to re-enter the market in the coming days, driving prices back above $1,300 and closer to $1,400.
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