Bitcoin, Ethereum Technical Analysis: ETH Lower, as Markets React to Missile Exploding in Poland – Market Updates Bitcoin News – Bitcoin News
by Eliman Dambell
Ethereum moved into the red on Nov. 16, as markets became nervous, following a missile accidentally exploding in Poland. Fears grew of potential escalation in the war between Russia and Ukraine, as the missile hit Poland, which is a NATO-backed country. Poland and NATO have both downplayed the strike, and have so far not accused Russia of the act. Bitcoin also fell, ending two days of gains.
Bitcoin (BTC) was back in the red on Wednesday, as markets reacted cautiously to today’s news, which saw a war missile land in Poland.
Following two consecutive days of gains, BTC/USD fell lower on hump-day, hitting an intraday low of $16,617.91 in the process.
This comes less than a day after prices of the world’s largest cryptocurrency rose to a high of $17,051.96.
Looking at the chart, the drop in BTC comes as the 14-day relative strength index (RSI) failed to move above a ceiling of 39.00.
As of writing, the index is now tracking at 36.30, and seems to be heading towards a visible floor of 33.30.
Should bears manage to send price to this point, it is likely that BTC/USD will drop below $16,000.
Ethereum (ETH) also reacted to today’s news headlines, as the token moved closer to the $1,200 level.
ETH/USD was trading by as much as 4% lower, dropping to a bottom of $1,218.84 in today’s session, a day after trading at a high of $1,283.20.
The move saw the token marginally break out of a recent support level of $1,220, which is typically the last line of defense prior to prices falling below $1,200.
As we have seen with bitcoin, ethereum also encountered a ceiling on its 14-day RSI, failing to move beyond the hurdle of 43.00.
Currently, the index is at a reading of 39.85, and should it decline below an upcoming floor of 38.00, ETH will extend today’s drop.
The moving average of 10 days (red) still seems to have further downward momentum to come, which may also be a signal of upcoming sentiment.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ethereum bulls to reject a breakout below $1,200? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: 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 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.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says ‘We Continue to See Demand’
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. “We continue to see demand, particularly from young investors, for access … read more.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market … read more.