ETH hits 1-month low and falls below $1,500 – market updates

Ethereum started the week trading below $1,500 amid reports that Paxos BUSD will stop minting. This has led to a depegging of the stablecoin and ahead of the forthcoming US inflation report which is also contributing to today’s volatility. Bitcoin is down on February 13 as prices remain near a three and a half week low.

Bitcoin

Bitcoin (BTC) continued to trade near multi-week lows on Monday as market sentiment remained bearish ahead of the upcoming US inflation report.

After a high of $22,060.99 on Sunday, BTC/USD fell to an intraday low of $21,539.50 at the start of the week.

As a result of the drop, bitcoin remains near its lowest levels since Jan. 20, the last time prices were below $21,000.

Looking at the chart, today’s move comes as the 14-day Relative Strengthindex (RSI) maintains its proximity to a support point at 44.00.

At the time of writing, the index is currently hovering around 45.80, with a resistance level of 50.00 providing an ideal target for remaining bulls.

If this goal is met, the bulls could continue this rally and attempt to regain market momentum.

Ethereum

Ethereum (ETH) fell to a monthly low earlier in the week, with prices dipping below the $1,500 mark.

Less than 24 hours after trading a high of $1,545.55, ETH/USD hit a low of $1,477.73 earlier today.

The slump on Monday has led to the second largest cryptocurrency the world has reached its weakest point since January 14.

This recent price drop comes as the RSI failed to stay above a long-term floor of 44.00.

As of this writing, price strength currently stands at 42.26, the lowest level since December 28th.

If this downtrend continues, it is highly likely that Ethereum could collide with support at $1,450.

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Do you expect tomorrow’s inflation rate to be below the expected 6.2%? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings an eclectic viewpoint to market analysis. Previously he was brokerage director and onlineTrading-Instructor. He currently acts as a commentator for various asset classes including crypto, stocks and forex while also being a startup founder.

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