Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 as Prices Extend Recent Declines

Ethereum was once again trading in the red, as prices of the token fell below $1,600 during today’s session. Tuesday’s drop is the fifth consecutive day that prices of the cryptocurrency have moved lower. Bitcoin also extended its streak of declines, falling under $23,000 in the process.

Bitcoin

Bitcoin (BTC) was lower for a fifth straight day, as prices of the token slipped below $23,000 in today’s session.

Following a peak of $24,121.64 to start the week, the world’s largest cryptocurrency plunged by over $1,000 on Tuesday.

This latest decline saw BTC/USD hit a bottom of $22,710.08 earlier in the day, as prices neared a key support level.

BTC is fast approaching a floor of $22,500, which historically has been a place where previous bearish spells significantly worsened.

As seen from the chart, the last time this floor was broken on July 25, bears intensified downward pressure, moving prices from that point to a low of $20,737, all in a 24-hour period.

Today’s drop comes as the 14-day relative strength index (RSI) fell below its own floor at the 53 level, and is currently tracking at 52.70.

Ethereum

Tuesday also saw ethereum (ETH) extend its recent downtrend for a fifth straight day, with the token falling below $1,600 in the process.

ETH/USD moved to an intraday low of $1,567.85 during today’s trading session, as bears pushed prices below a support point.

This was at the $1,620 floor which was tested on Monday, however on that occasion bulls were able to uphold the level, and in turn pushed price to a peak of $1,685.59.

Since then, pressure has intensified, and like bitcoin, the 14-day RSI has moved below a support point of its own.

As of writing, the relative strength index is tracking at 55.55, following a recent breakout of a floor of 58.

The target seems to be a new support at 54.20. Should this be hit, we may see ETH trade around $1,500.

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What do you think is causing this latest downtrend in crypto? Leave your thoughts in the comments below.