Ethereum Drops Below $1,500 as US Inflation Report Looms
• Ethereum (ETH) started the week trading below $1,500 after Paxos announced they will no longer mint BUSD.
• Bitcoin (BTC) edged lower on Monday, as prices remain near a three-and-a-half-week low.
• Ethereum (ETH) fell to a one-month low to start the week, with prices moving below the $1,500 mark.
Bitcoin, Ethereum Technical Analysis
Ethereum Hits 1-Month Low
Ethereum (ETH) started the week trading below $1,500 after Paxos announced they will no longer mint BUSD. This depegging of the stablecoin comes ahead of the upcoming U.S. inflation report which is also adding to today’s volatility in markets.
Bitcoin Edges Lower
Bitcoin (BTC) continued to trade close to its multi-week low on Monday due to bearish sentiment before the upcoming U.S. inflation report. BTC/USD dropped from a high of $22,060.99 on Sunday to an intraday low of $21,539.50 and remains close to its lowest point since January 20th when it was last under $21,000. The 14 day relative strength index for BTC/USD is currently tracking at 45.80 with a resistance level of 50 being an ideal target for remaining bulls hoping to regain market momentum should this target be captured.
Etheruem Falls Under $1500
Etheruem (ETH) fell further than Bitcoin starting off the week by dropping below $1,500 in value hitting its weakest point since January 14th when it traded at a peak of $1,545.55 and bottoming out at an intraday low of $1,477.. The RSI for ETH/USD failed staying above 44 and is currently tracking at 42 making it likely that ethereum could collide with support at around 1$450 if this downward trend continues
Biggest Movers: MATIC Drops by 1%
MATIC was among one the biggest movers in cryptocurrency markets today dropping by 1%. It has been reported that MATIC dropped as traders moved capital into BTC and ETH in response to increased volatility surrounding US inflation data due tomorrow which may affect future pricing trends across all asset classes including crypto assets such as Bitcoin and Ethereum