{"id":12479,"date":"2022-05-24T14:48:24","date_gmt":"2022-05-24T14:48:24","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-back-under-2000-as-balenciaga-gains-lose-steam-market-updates-bitcoin-news\/"},"modified":"2022-05-24T14:48:24","modified_gmt":"2022-05-24T14:48:24","slug":"eth-back-under-2000-as-balenciaga-gains-lose-steam-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-back-under-2000-as-balenciaga-gains-lose-steam-market-updates-bitcoin-news\/","title":{"rendered":"ETH Back Under $2,000 as Balenciaga Gains Lose Steam \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Following strong gains to start the week, BTC<\/a> once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday\u2019s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH<\/a> also dropped, falling under $2,000 today.<\/b><\/p>\n

Bitcoin<\/h2>\n

Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week.<\/span><\/p>\n

Following a high of $30,547.50 during Monday\u2019s session, BTC<\/a>\/USD fell to an intraday low of $28,975.56 earlier today.<\/span><\/p>\n

Today\u2019s drop saw BTC<\/a> fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded.<\/span><\/p>\n

\"Bitcoin,
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC<\/a> has resided over the past few weeks.<\/span><\/p>\n

Looking at the chart, the 14-day Relative Strength Index is also under resistance at 38, which seems to be another contributing factor to today\u2019s decline.<\/span><\/p>\n

Like we have discussed in recent days, unless there are significant increases or decreases in relative strength, then markets will likely continue to consolidate.<\/span><\/p>\n

Ethereum<\/h2>\n

Yesterday\u2019s bullish sentiment also wore off for ETH<\/a>, which once again fell below the $2,000 level following promising gains.<\/span><\/p>\n

The world\u2019s second-largest cryptocurrency dropped to an intraday low of $1,964.39 on Tuesday, which is just over 4% lower than yesterday\u2019s top.<\/span><\/p>\n

ETH<\/a>\/USD is now just over $10 away from support of $1,950, following today\u2019s sell-off, which pushes prices back toward the long-term floor.<\/span><\/p>\n

\"Bitcoin,
ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

A promising sign for ETH<\/a> is that the 10-day moving average is heading sideways, which normally is a signal of future upwards crosses.<\/span><\/p>\n

So although we are currently consolidating, bulls will likely be preparing for a breakout, as soon as upward momentum picks up.<\/span><\/p>\n

Could we see a breakout before the end of this month? Leave your thoughts in the comments below.<\/i><\/b><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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