Bitcoin, Ethereum Technical Analysis: ETH Below $1,600 Ahead of Key US Economic Releases

Bitcoin, Ethereum Technical Analysis: ETH Below $1,600, Ahead of Key US Economic Releases

Ethereum has started the week below $1,600, as markets appeared to be awaiting the release of several key data points from the United States. After a quiet week, the coming days will see the latest inflation, retail sales, and consumer sentiment figures released. Bitcoin remained lower on Monday.

Bitcoin

Bitcoin started yet another week trading under the $26,000 level, as traders began to prepare for upcoming U.S. economic releases.

BTC/USD slipped to a low of $25,620.46 earlier in today’s session, after ending the weekend at a peak of $25,978.13.

Monday’s decline in price saw bitcoin continue to hover close to a key support point at the $25,600 region.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:BTCUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

The slippage comes as the 14-day relative strength index (RSI) moved closer to a floor of its own at the 35.00 mark.

At the time of writing, the index is tracking at a reading of 37.09, which comes after failing to break out of a ceiling of 45.00 last week.

Should bulls reject a drop below 35.00, there is a good chance that BTC reverses in the coming days.

Ethereum

Ethereum (ETH) edged lower to start the week, with price falling below the $1,600 level on Monday.

After peaking at $1,627.67 on Sunday, ETH/USD raced to an intraday low of $1,581.79 during today’s session.

This resulted in the world’s second largest cryptocurrency falling to its lowest level since August 22.

new TradingView.widget( { “width”: “100%”, “height”: “400”, “symbol”: “BITSTAMP:ETHUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “light”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#F1F3F6”, “enable_publishing”: false, “container_id”: “tradingview_1247e”
} );

The decline arrives as a breakout occurred on a price floor of $1,620, with bears rushing into the market as a result.

Price strength is now oversold, and is tracking at 31.27, with the next support point at the 28.00 zone.

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