{"id":17577,"date":"2023-02-13T13:31:56","date_gmt":"2023-02-13T13:31:56","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eth-hits-1-month-low-falling-under-1500-market-updates-bitcoin-news\/"},"modified":"2023-02-13T13:31:56","modified_gmt":"2023-02-13T13:31:56","slug":"eth-hits-1-month-low-falling-under-1500-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eth-hits-1-month-low-falling-under-1500-market-updates-bitcoin-news\/","title":{"rendered":"ETH Hits 1-Month Low, Falling Under $1,500 \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Ethereum started the week trading below $1,500, as it was reported that Paxos will no longer mint BUSD. This has led to a depegging of the stablecoin, and comes ahead of the upcoming U.S. inflation report, which is also adding to today\u2019s volatility. Bitcoin edged lower on Feb. 13, as prices remain near a three-and-a-half-week low.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) continued to trade close to a multi-week low on Monday, as market sentiment remained bearish ahead of the upcoming U.S. inflation report.<\/p>\n

Following a high of $22,060.99 on Sunday, BTC<\/a>\/USD dropped to an intraday low of $21,539.50 to start the week.<\/p>\n

As a result of the decline, bitcoin remains close to its lowest point since January 20, which is the last time prices were under $21,000.<\/p>\n

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

Looking at the chart, today\u2019s move comes as the 14-day relative strength index (RSI) maintains its proximity to a support point at 44.00.<\/p>\n

At the time of writing, the index is currently tracking at 45.80, with a resistance level of 50.00 an ideal target for remaining bulls.<\/p>\n

Should this target be captured, bulls could extend this rally, and move to regain market momentum.<\/p>\n

Ethereum<\/h2>\n

Etheruem (ETH<\/a>) fell to a one-month low to start the week, with prices moving below the $1,500 mark.<\/p>\n

Less than 24 hours after trading at a peak of $1,545.55, ETH<\/a>\/USD bottomed out at a low of $1,477.73 earlier today.<\/p>\n

Monday\u2019s plunge has seen the world\u2019s second largest cryptocurrency hit its weakest point since January 14.<\/p>\n

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

This latest slippage in price comes as the RSI failed to stay above a long-term floor at the 44.00 level.<\/p>\n

As of writing, price strength is currently tracking at 42.26, which is its lowest reading since December 28.<\/p>\n

Should this downward trend continue, it is highly likely that ethereum could collide with a support at $1,450.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect tomorrow\u2019s inflation figure to come in below the expected 6.2%? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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