{"id":12682,"date":"2022-06-11T12:44:35","date_gmt":"2022-06-11T12:44:35","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-falls-to-15-month-low-to-start-the-weekend-market-updates-bitcoin-news\/"},"modified":"2022-06-11T12:44:35","modified_gmt":"2022-06-11T12:44:35","slug":"eth-falls-to-15-month-low-to-start-the-weekend-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-falls-to-15-month-low-to-start-the-weekend-market-updates-bitcoin-news\/","title":{"rendered":"ETH Falls to 15-Month Low to Start the Weekend \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Crypto prices plunged as the weekend commenced, following yesterday\u2019s U.S. inflation report, which came in at a 40-year high of 8.6%. ETH<\/a> fell to its lowest point in fifteen months, while BTC<\/a> dropped below $29,000.<\/b><\/p>\n

Bitcoin<\/h2>\n

Following days of consolidation, BTC<\/a> finally moved late on Friday into Saturday, as crypto prices responded to the latest inflation report.<\/span><\/p>\n

Data from the United States showed that inflation came in at a 40-year high of 8.6%, which is higher than the 8.3% many had expected.<\/span><\/p>\n

As such, investors seem to have panicked, and in turn liquidated some of their positions in crypto markets.<\/span><\/p>\n

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

BTC<\/a>\/USD fell to an intraday low of $28,911.36 to start the weekend, taking prices to their weakest point in almost two weeks.<\/span><\/p>\n

Despite the drop, prices still remain above support at $28,800, however some expect the sell-off to intensify as the weekend progresses.<\/span><\/p>\n

Should we see the 14-day RSI move below its current support of 40.50, then we could see this expectation come into fruition.<\/span><\/p>\n

Ethereum<\/h2>\n

Saturday saw ETH<\/a> fall to its lowest point in over a year, as prices of the world\u2019s second-largest crypto token plunged.<\/span><\/p>\n

To start the weekend, ETH<\/a>\/USD fell by nearly $300, hitting a bottom of $1,583.10 earlier in today\u2019s session.<\/span><\/p>\n

This is the lowest level prices have hit since March last year, and comes as prices broke out of support at $1,720.<\/span><\/p>\n

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

Following days of consolidation, price strength also waned, with the RSI seeing its floor of 36 easily broken.<\/span><\/p>\n

As of writing, the indicator is now tracking at 30.96, which is close to a lower support level of 29.30.<\/span><\/p>\n

Like bitcoin, some expect prices of ETH<\/a> to fall lower in the coming days, and this floor in the RSI could be a point that bears are targeting.<\/span><\/p>\n

Why does inflation have such an impact on crypto prices? 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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